Wednesday, April 20, 2016

SPX: Approaching All Time Highs while running on fumes...

A quick update on SPX. Currently SPX is in wave iii of V of an upwave which started after the Feb lows. Currently SPX is in a strong resistance zone (VIX striking similarities and the current SPX bull trap) possibly in the late phases of an upwave, with negative RSI divergence (not a perfect situation to be a bull).On the other hand there is still a lot of pessimism in the blogosphere, making ATH or even new ATH within reach. However some bears that I respect and follow are starting to wave white flags...(Its all falling apart for the bears)

Next targets (and hopefully reversal levels), 2107.3 and then 2116.5
Have a nice day!