Thursday, January 10, 2013

SPX 60 min

$SPX - Chart Link - nice market move today - again as I stated last night, there was nothing bearish, in fact most of the indexes and sectors looked like bull flags on their daily charts trying to bounce off their 9 EMA's.

Otherwise via the 60 min chart - one thing to watch for now is negative divergence, note this uptrend channel - first off watch to see if the upper trendline of the channel acts as resistance - would offer low risk quick short with a tight stop.  Keep an eye on the MACD, it is lagging, therefore negative divergence could set up but for now it's only a potential and SPX may want to go and test the upper channel trendline.  

Plus as I said last night - SPX is so close to its Sept high, why not at least test it which it's only 2 points from right now

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