SPX 2-Hour Chart Overbot Rising Wedge Negative Divergence Potential Inverted H&S
The 2-hour shows price rising inside the wedge while the indicators are negatively diverging. RSI and stochastics are overbot as well so this should create a spank down in this time frame moving forward. The blue lines show a potential inverted H&S in play. The head is 1570-ish, neck line at 1650-ish, so the upside target in play is 1730-ish. The SPX has not back tested the neck line after the break out and that move would be expected. Perhaps a smack down will send price lower to look at the 1649-1652 level and satisfy the back kiss, and make a bounce or die decision. A bounce would then give the upside 1730 target some street cred, but a failure at this level will likely indicate that the market top is in. Projection is lower prices ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Yo KS!
ReplyDeletetake a look on charts.
I see a lil' rotten AAPL - tomorrow AH results!
GS guy
Apple is a tricky one these days, weekly chart looks like lots of sideways ahead, same on daily chart, a descending wedge vibe may be developing, the 380-390 is a firm base, that would be big trouble if broken sending price to 320 and maybe lower. Perhaps a move through 400-450 as the summer moves along.
Deletehttp://www.marketwatch.com/story/apple-earnings-expected-to-fall-on-flat-sales-2013-07-23?link=MW_home_latest_news
DeleteThis gs guy has inside info or what ? ??
G'morning!
DeleteHuh! Who knows? :)?
But S&P 500 will still make it into 1700's, aapl doesn't matter. Just look at S&P500 charts!
GS guy