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SP500 hit that monthly uptrend line

Written by | 1970-01-01 00:00:00 GMT

S&P 500 CASH

S&Ps went to our 3002 resistance yesterday and it was like a bit of a stop hunt as we then came down to 2984..Today we are up again...trying hard to nudge higher once more...The close last night was a bit on the weak side....but with this you never know what it is going to do until Wall St awakens....

Now interestingly the DJI Double Topped yesterday...that and diverging indicators we really do have to see if this top at 26983 holds ...If it does...the rest will follow...

Now as I have said..I do not think that the uptrend is finished yet...but there are so many variables unfolding on the charts at the moment that really you have to ask the question...get involved or not...S&P hit that monthly uptrend line exactly yesterday....and although broke their 2995 previous high..the DJI didn't... The Nas did...so now it is only the DJI that is stubbornly refusing to go higher...Now pre open DJI is at 26963 so although up...it is still below 26983...so...buyers beware....You need to keep that 26983 in your sights..and if that doesn't break..sell it...and if you look at a daily chart of the DJI you can see clearly the 26983 top and the 26860 close..so it actually on the day close more at the lows...diverging indicators as well...

If S&P does take out 3003...watch and see if the DJI reacts as well...If it doesn't....get out of any long S&Ps because we will fall lower....

SP500

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