A few observations:
- Building bear divergences
- 9/21 trending down
- Negative (first time since 12/2011)
- First time crossed 100 MA since 12/2011
Even though $181 support held, the strong bull trend is losing momentum. I believe the days of faithfully making a new high following each market correction are history. Their is a high probability we won't exceed $214 this year.
It had a strong bounce off of the $181-182 support, forming a . It may continue to rise, but I expect it to lose momentum finding substantial resistance, especially between $200-214. I don't see it breaking $214, however if it does, I believe it would be short lived and be followed with an intense move back to $180 and possibly through $180 to $157.
If it doesn't beak $214, it could stay in a temporary range between $214-180.
A break of $180 would signal a fall to $157.52, 2007's high before the market dived.
Long-term...I'm . I see the current price ($197.80) as a possible opportunity to SELL. Over $204 is a strong selling opportunity.
Bottom Line...Technically, a significant drop is coming and it will be sooner than later. I'm forecasting a 26-40% drop from 213.78 May 2015 high.