SPX hit the daily upper band yesterday and has reversed there. This may be the first day of an upper band ride, so we’ll see whether it gets another touch today. I have the multiple support levels underneath in the 2102-10 zone today. SPX daily chart:
On the upside rising channel resistance is 2145/6, and the most likely signals that this market has finally topped out for the summer, and most likely for 2015, would either be a hit of channel resistance there, or a break of rising channel support in the 2075 area. The more likely option is a hit of channel resistance, and that could take a few days, though equally we could see tat tomorrow. SPX 60min chart:
I was asked yesterday what my end of month target on SPX is and the answer is that I don’t have one. I would note that tops tend to take longer than expected, and that when I have tried to fit a timetable around a top in the past, then the process has seemed to take even. longer. The truth is that when SPX is good and ready the top will be made and then the correction will be on. Until then time can be used learning new things, including patience if necessary. 🙂
I’m expecting a high in the next couple of weeks, and there’s a decent chance that rising channel resistance will deliver an almost exact high level when the currently unknown time variable has firmed up.