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S&P 500 Index

S&P 500 at the top of the channel - Looks overbought

By Dr_Roboto
Updated
S&P made a strong rally to the top of the rally channel. Broke above practically all my resistance lines on all my charts. I am see a strong sell from my SPX indicator and a buy on my VXX. Sometimes my indicator can trigger a little early so it may not be today but sometime in the next few days we should see a pull back. The 1d time frame still has not peaked yet, so watch that but it can be a little lagging compared to 4h. Take it with a grain of salt, but tread carefully.

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1:54pm update
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4pm close. Slow drop most of the day. Found support at the blue line and resistance at the green. The most curious thing that happened today was that both the S&P and VXX dropped in the last 30 minutes of the day. VXX made a very sharp drop after showing some strength earlier in the day, which is what it likes to do right before it rallies. On the 4h I see the RSI about to cross the EMA which is a major signal that some form of pullback/corection is comning. My suggestion would be to watch the opening bell tomorrow and look for weakness.

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Friday 8:44am
So far, right on cue. Now will it continue.

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Chart PatternsDJIIVVNASDAQ 100 CFDSPX (S&P 500 Index)SPDR S&P 500 ETF (SPY) Trend AnalysisVIX CBOE Volatility IndexVXX
Dr_Roboto

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