FX:SPX500   S&P 500 index of US listed shares
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After a month or so of chopping about the S&P 500             is right back to horizontal resistance. On the 4 hour chart it's overbought now. Overall we can see a clear wide rising channel. Does it head for the top or the bottom? I don't know but my hunch is top. The first clue will be how it works off the short term overbought condition. If it gets oversold on only a small pullback it's time to be bullish . This has been a tough one to call. Long term I feel this bull market is getting long in the teeth so am looking more and more for short opportunities.
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