Energizer Bunnies

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Apologies for the erratic posts this week, which has been very busy and I’m somewhat short on sleep. Just covering SPX today as I have to head out shortly.

Impressive trend day up on SPX yesterday and the high has established a decent quality possible rising wedge trendline from the November low. If so SPX is topping out here short term and I’d expect at least a retest of 50 hour MA support in the near future. That’s currently in the 2369 area. I was thinking a retest of the high first was likely but so far it’s possible that SPX is trending down today, and on a break under 2380 we might see that test today. SPX 60min chart:

170302 SPX 60min

SPX lost negative divergence on the daily RSI 14 yesterday but the RSI 5 daily sell signal that fixed on Tuesday still looks fine. Current support on the daily chart is at the daily upper keltner at 2374. SPX daily chart:

170302 SPX Daily

The stats yesterday on the first day of March leaned slightly over 60% bullish. Today leans about the same bearish so we’ll see what can be managed on the short side.

Stan and I are doing our monthly free public Chart Chat at theartofchart.net on Sunday and it should be an interesting one. If you’d like to attend you can register for that on this page here.