SPCFD:SPX   S&P 500 Index
You can see the divergence on MFI on the 2 hr SPX chart, and RSI is overbought.

I expect Monday to be an up day because it's Monday, and the reversal to happen Tuesday, possibly AH when NFLX reports. Not actively shorting indices, I think it's better to short sector and foreign market ETFs along with individual stocks.

While JPM earnings were all positive, WFC had negative guidance. I think earnings will be a mixed bag, and we'll get some whipsaw action going. C and GS report Monday morning, I expect GS to beat since the market has gone up so much. Lots of trading in Jan means big profits for GS .

Wedgie still valid unless we get big movement up next week.
Comment: Looks to me like it wants to close the gap underneath...
Comment: Pattern indicates a gap down tomorrow with a possible movement back up to close the gap.

Probably a whipsaw afternoon today.

Comments

Many earnings coming in next two weeks. See how it holds up in harsh light. RUT/IWM is at Fibo 0.62, broader market not participating in the surge, divergent.
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