The one-hour chart shows the higher high created as compared to one month ago occurring with negative divergence across all indicators. This is what maintained the SPX market top at 1618.46 all day long after it was printed in the morning. The money flow has some momo remaining. The other indicators are overbot, or coming off overbot conditions. Price may grab the 1620 print but it will likely create universal negative divergence across all the indicators and then send price lower for a more substantive move downwards.
As always, the most important item on this chart is the 200 EMA at 1572.82 moving higher. This is one of Keystone's Short-Term Market Signals. Bulls win above the 200 EMA and bears growl under the 200 EMA. The SPX is above the 200 EMA signaling bullish markets for the hours and days ahead. The 1573-1581 is a strong confluence of support for the SPX and should be tested in the near future. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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