$SPX looks tired; expecting a drop to 3400, very soon, probably before end of next week. here's why:
* hourly MACD turning negative
* daily RSI in overbought territory
* double top at 3500 intraday today
* weak close today; heikin ashi charts look troubling.
* end of week, two big tech splits - AAPL, TSLA occur after the close.
* this is near the previous high back in february. are things really better now than then?
* some part of this rally has been fed by a declining dollar. the dollar seems to have found some short term support and looks ready to bounce soon.
* near end of month
* unusual vix spiking while market is going higher.
* gap of 3400-3415 earlier this week; most SPX gaps fill relatively quickly
* hourly MACD turning negative
* daily RSI in overbought territory
* double top at 3500 intraday today
* weak close today; heikin ashi charts look troubling.
* end of week, two big tech splits - AAPL, TSLA occur after the close.
* this is near the previous high back in february. are things really better now than then?
* some part of this rally has been fed by a declining dollar. the dollar seems to have found some short term support and looks ready to bounce soon.
* near end of month
* unusual vix spiking while market is going higher.
* gap of 3400-3415 earlier this week; most SPX gaps fill relatively quickly
Comment:
we are getting really close to that gap fill, as predicted, by 'the end of next week'... last week ago. not sure what happens after that, but definitley not looking healthy today.
Trade closed: target reached:
hit 3400; closed mostly all my short positions.