here's what i see... comments and differing views welcomed... i will try to add more here later....
Using the 60 min chart: SPY spx is in a rectangle range, but within the rectangle there are bearish wedges, down channels, and up channels. mixed. which is actually not surprising since its in a rectangle range.
to me, though, the RSI and Stoch (and some additional other factors) suggest at least some lower levels before any surge up (if we get one), is how i see it...
i know many are expecting the SPX to surge higher... maybe it will, but i'm not so convinced, at least not yet. awaiting the resolution of the rectangle to see which way this breaks...
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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