The hourly prices are tracing out a megaphone pattern, complete with RSI/ price divergence.
This could be the top. Watch the volume (SPY) on breakout.
Description of megaphone pattern (broadening top) from http://www.trending123.com:
"The creation of the pattern reflects a period of time when bulls and bears are battling to gain control of the stock. The pattern occurs after the bulls have been charging and driving the stock price appreciably higher. During the formation of the Megaphone Top, however, bears are exerting increasing influence on the stock and causing it to set a series of lower lows. The increasing volatility eventually creates a sense of uncertainty, leads to profit-taking, and deters some of the bulls from making any further commitments.
The bears eventually triumph."
This could be the top. Watch the volume (SPY) on breakout.
Description of megaphone pattern (broadening top) from http://www.trending123.com:
"The creation of the pattern reflects a period of time when bulls and bears are battling to gain control of the stock. The pattern occurs after the bulls have been charging and driving the stock price appreciably higher. During the formation of the Megaphone Top, however, bears are exerting increasing influence on the stock and causing it to set a series of lower lows. The increasing volatility eventually creates a sense of uncertainty, leads to profit-taking, and deters some of the bulls from making any further commitments.
The bears eventually triumph."