Stock Market Tops at Technical Resistance?


$SPX Daily: There’s a lot of great technical data in the daily chart. Thursday was the Fib. 144 day from the July 2010 low. We also have some similarities brewing in this high compared to the April 2010 top: look at the April high and we see price making a high and then going through a one day sell off then advancing for 5 days into a minor new high while creating a divergence on the RSI. In the past several days we have the same structure. And on both occasions, the market pushed the RSI into 70 for a month. Now look at the pitchfork lines, the April high finished right on the middle line. The January high is finishing by back testing the lower line. If this is the market high I’m looking for the correctional phase to continue next week. The lower BB and 50 day MA is the first support area. Price support in blue is major support.



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