Monday, January 18, 2010

SPX Update

S&P 500 Index

It seems to me as if a major top is very near. The rate of change is continuing to slow and multiple divergences have formed on the RSI and MACD. Complacency has returned to this market and it is just a matter of time before we roll over and move lower. A break of the rising wedge pattern could signal the beginning of the end for the 'recovery'. I will be watching closely and will be adding some short positions tomorrow. Good trading.

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