mandevillean
Short

S&P 500 Hourly Uptrend Getting Extended

FOREXCOM:SPXUSD   US SP 500 CFD
S&P 500             traded down today, in what could be a sign that the uptrend on the hourly chart is ending. We have completed 9 waves in the current uptrend (based on SPXUSD             ) -- anything beyond 5 waves raises the probability of the trend reversing. Also, momentum has come down significantly, as signaled by a declining MACD . Note, too, the existence of nearby resistance at a round number, namely the 2800 level.

While mindful that the trend remains up on the hourly chart, I'll be looking for opportunities to short on rallies.
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