Friday, October 11, 2013

SPX 2-Hour Chart

The 2-hour chart continues to display long and strong behavior with the ROC and MACD line, as well as the RSI which has not yet reached overbot territory. The stochastics are already topped out and negatively diverging but price would need a matching high to firmly lock in the negative divergence. Strong S/R is 1697-1698 and 1706, and the HOD is 1703.44 remaining a couple points or so shy of 1706. The indicators will likely need from one to three more candlesticks to set up with negative divergence. This correlates to about 2 to 6 hours of trading time which places markets into Monday morning and even Monday afternoon. The projection is sideways stuttering ahead with a test of 1706 likely and then roll over to the downside. The resistance at 1708 and 1710 may serve as overshoots for price. If the bulls keep running the next resistance is up at 1722. 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.

1 comment:

  1. ...thinking that former downside channel still needs a test as actual support for this to be a serious continuous up bullish move....



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