Monday, August 2, 2010

Rally nearing completion?

With minutes left in the day, the $SPX nears some major resistance (the magenta trendlines). Tonight I will check sentiment and put/call ratios to see where we are...

Update: 9:30 Central Time

Neither Put/Call or Sentiment is extreme, futures are soft...Intraday charts show slight negative divergence. Best guess, a slight decline, with the possibility of more upside after a mild correction. An 'overthrow' of the wedge is possible over the next couple of days....
Neither of the magenta trendlines has been breached, I would expect at least the lower one to be exceeded somewhat...

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