Monday, November 10, 2014
SPX 2-Hour Chart Overbot Rising Wedge Negative Divergence
The 2-hour chart shows a rising wedge pattern, overbot stochastics and negative divergence across all indicators so a spank down is expected. The standard deviation banks squeeze in tight and it is very surprising a quick and sharp move did not occur--yet. The tight bands squeeze out big moves but do not predict direction. Marrying th e neggie d with the tight bands, the expectation is for a sharp move lower. S&P futures are up +3. The upper band is at 2036-2037 so price may want to touch that level which opens the door for a move to the middle band at 2021-2022. The 2024 and 2018 support levels are in play. Referencing the SPX S/R missive posted this morning, key support levels are 2024, 2018, 2011, 2007, 2005, 2002-2003 and 1998. 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.