Monday, May 18, 2009
SPX Channel Update
Got gap fill and closed right at 61.8% retracement from the high to low. It tried to obey the 25% line at 905 but could not resist going higher. MACD on the 30m may have a little more to climb, but other indicators are starting to embed. The STO on the 60m is embedding as well. SPX blew thru and closed above its 50ma on the way up, but it is out the top of it's BB right now. SPX also set a higher high on this run, so on any pullback we need to watch for a possible higher low. I do not expect this move to violate the top of the channel, but you never know in this wacky market.