SPX 30-Minute Chart Overbot Rising Wedge Negative Divergence Megaphone

Interesting to see the step-wise rise of price each day. The blue megaphone pattern remains in place targeting the 1290's. The divergences in recent price action are calling the temporary peaks and troughs. Over the last four days, price has moved higher but the indicators are in universal negative divergence (red lines). The teal line highlights a rising wedge. The stochastics are overbot as well rounding out this negative outlook.

Use the cross of the 8 MA down thru the 34 MA as a sign of market weakness. Watch the RSI and stochastics 50% levels. Watch the ROC zero line. Projection is for price to receive a negative divergence smack down. Perhaps Greece, or the China CPI data due out in a couple hours, will act as a catalyst. The smack down has potential to be dramatic. 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.