SPX was forming H&S pattern on 1hr but now appears like a bull flag. My guess this has one more up leg before a sizeable pullback.
One more up leg would keep to SPX v 1967 chart. There was a significant top made January 11, 1968. January 11 is this Friday. First US bank reports earnings this Friday and financials are overbought.
Also one more up leg would put $NYMOT thru it's upper BB, which in 2012 resulted in 40+ handle drops in SPX.
VIX should have a 12 handle soon and will be a great buy op.
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Last
8,672.3 |
Change
4.100(0.05%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,668.2 | 8,714.6 | 8,666.5 |
| XJO (ASX) Chart |