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This is an hourly chart of SPY. There is a strong bearish divergence on the MACD present at yesterday's slight new rally high. The chart has the look of a very short term double top. The indexes are set to gap down this morning, and a cross of the MACD may initially target Monday's low, but a break of that low would give a target to around 147.50 for a textbook double top projection
The daily chart is showing a building bearish divergence in the RSI with prices near the upper Bollinger band. A multi day pullback may offer another nice short-term long trade set-up.
Foreign stock indexes cracked harder on Monday than the US. And the rebounds were weaker yesterday. They look like they could still fall a good bit even in the short term.
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