Cause of the office issues with the computers and various other things the post is a little different this am.
Relatively mellow post for me, cause I am very mellow now.
The chart below is the first one in my chartbook for a reason. It is simple, concise and rarely lies. It is a little busy now, but that will go away.
1) Price at the upper BB and backtesting the trendline.
2) RSI is at the C wedge trendline diverging from price and stalling or rolling over, plus it has struggled to get to this point.
3) S Sto is topping and looking for a bear cross.
4) ADX might be topping (for the third time on this launch), stopping just short of the stratosphere.
5) MACD usually confirms on this chart and is not ready or considering being ready at this time.
6) MACD histogram is not thinking about turning yet.
Add it all up and I say it looks toppy, but not quite ready to turn with any momo just yet, but the pieces are being put in place for a tradeable turn. The 60m chart has divergences set and the indicators are right for a turn. It looks like it is setting up for a turn later today or Monday, but watch the histogram. I'll be looking for the 1048 range should it fall and watching the form carefully.
IMO, no sense in playing the upside here but keeping the powder dry for the turn. If you are long, draw the stops a little tighter. Be patient and let it come to you. You can't force anything.
For the worst case, IMO, scenario is if RSI takes out that trendline with authority - look out. There is nothing that says this market or the indicators have to stop here. As long as that histogram is running so will the market.
GL today and have a great weekend. Thanks for supporting and viewing.
Don't forget to Unmask The Fed