Just a thought.
Here is one more sign that the short-term uptrend is facing serious headwinds now, the SPX is close to hitting the top of the Daily Bollinger Bands which on their own have also went flat as the 20 day MA is now closer to moving horizontal, another sign of weakening momentum.
Another big test is coming, this time for the Russell which is quickly approaching an area of stiff resistance around the 763 level where it was denied three times back in 2008, and possibly once back in April of this year. A break above this resistance would really open the door for a bullish outlook for the next several months.
8:01, The VIX is up off of its lows printing a black bar this morning. Last week Kenny pointed out that the VIX could be in an expanding Triangle, and so far that is working out, but the VIX does need to break-out here sooner or later.
One of the biggest movers today has been Silver, making another new high on the weekly chart and up close to 2% on the day. Gold is currently up less then 1%.
Click here for a live, and updated chart!!!7:43, The short-term trend continues up on the SPX but momentum is waning and the indicators are now starting to roll over up in extreme over-bought territory. The impulsive run-up since November 29th appears to be wrapping up in a full five waves, leaving the bigger question, is this just the 1st wave of the 5th up, or will this be the whole 5th wave. There is also a change that we are still in the 4th wave, more on these options can be found in Saturday's post.
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