S&P 500 Hourly Uptrend Getting Extended
S&P 500 traded down today, in what could be a sign that the uptrend on the hourly chart is ending. We have completed 9 waves in the current uptrend (based on SPXUSD) -- anything beyond 5 waves raises the probability of the trend reversing. Also, momentum has come down significantly, as signaled by a declining MACD. Note, too, the existence of nearby resistance at a round number, namely the 2800 level.
While mindful that the trend remains up on the hourly chart, I'll be looking for opportunities to short on rallies.
While mindful that the trend remains up on the hourly chart, I'll be looking for opportunities to short on rallies.
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