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Hi Everyone, Futures are up marginally and I am starting to see sell signals setting up, which matches some sentiment readings Woody has provided. We will be going over the upcoming turn dates and sentiment readings in today’s report.
But from a technical view, we COULD still grind higher a bit, but I am seeing some tired signs in the bulls camp. If we see a test of the 4480 and/or 4500, we should start to see clear sell signals on the 60’s. But one MUST remember, the bulls don’t leave the party until they are forced out.
The question at hand with the FED dormant is, are the bulls waiting for kegs that aren’t coming, but still waiting for the party to get started? Just like there was much danger for the bears at the lows (which we warned about) there is now some danger mounting for the bulls, but not in the “red zone” yet.
I was expecting a test of the 4500 and the highs so far are 4481 (pretty close from the 4160 lows that target was identified) Maybe that was the highs, maybe we need to stretch for the 4500/4600 before turning lower. I am fine either way and if we turn lower and take out support, then we get on the short side at resistance levels. If we head higher, layer in at above pivot and be patient! I still see 4360 being a magnet in the coming days.
By Gary Dean
SPX Hourly Technicals
Divergences: Small Bearish Divergences
Resistance Pivots: R1-4481 R2-4500 R3-4513
Support Pivots: S1-4433 S2-4416 S3-4400/4360
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