The S&P is extending its move up further already confirming a 1258 overshooting that we now sold increasing our position to an average at 1245,25! The gap up is at the moment of about 7 points but the closing last night was at 1243,60!! In case it would be the third!! (1182,50 -1171,00….1227,00 – 1203,00). The only problem we see is that a daily closing above the 200 days line at 1254,56 could cause a further overshooting.
The indicators of the daily chart are still well positive as well as those of the s/t ones. Bearish divergences in the hourly chart confirm a positive tone but those of the 4h one are well overbought and showing potential negative reversals. We expect therefore the upside to be limited while a possible (let’s say probable) decline will be corrective!!
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FUTURE TREND RESEARCH