Thoughts on where we are both technically and psychologically in the SPX. Technical discussion for the first half, then Psychological discussion in the 2nd. Hope you enjoy it - Good luck!
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target area reached.
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Good morning, Market went higher than I thought it would but it seems to have filled out the head and shoulders pattern a little better. I expect a pump up at open and then selling rest of the day. If that's wrong I will update.
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we are in the target area, hard to say if it will turn or not, RSI could go either way.
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RSI needed a little more push to reset the hourly. We could go higher, but it looks like it may turn before the close.
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good morning, current pattern on SPX with hourly bear divergences. We'll see if at open they want to go higher or not.
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trendline broken, objective short on any retest of the line (with a tight stop).
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Backtest rejected, however small time frame RSI is very low, Shorts need to be careful. Market needs to break 4370 nd hold under to create a real reversal.
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q's looks like they want to go higher into friday
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good morning, so we did go higher. SPX is now playing with the previous structural line here. small time frame RSIs are all reset again.
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QQQ/SPY rsi on daily is too low, I expect a another push up. This means SPX continues to go higher and QQQ outperforms a little more, or SPX starts to drop and QQQ remains strong for little while more. Small caps likely start coming down first. Either way, Tech will likely stay strong until this ratio chart gets close to it's doubletop and I will update when that comes.
