Wednesday, October 21, 2015

SPX S&P 500 2-Hour Chart Overbot Rising Wedge Negative Divergence

The central banker pump from late last week is pricing into charts. The 2-hour is cooked as shown by the red rising wedge, ovebot conditions and the negative divergence (red lines) across all indicators. A drop in price is anticipated due to the neggie d.

Price has violated the upper standard deviation band (pink) so a move back to the middle band at 2021 and rising remains on the table. The SPX daily chart is negatively diverged across its indicators except for the MACD line. Therefore, stocks should receive a spank down in the near term say today into tomorrow due to the 2-hour above, but should bounce again and come back up to current levels to satisfy the long and strong MACD on the daily chart. At that time the near-term top for stocks may be in. Equities are chopping along this week. 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.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.