Tuesday, May 7, 2013

SPX weekly

Since I'm not trading this week, I can do stuff like look at weekly charts :-) Here's a look at SPX and the clear RSI divergence that has setup. All previous setups resulted in major selloffs, so I see a similar one setting up for SPX in the coming days and weeks.

The RSI divergence on IWM looks even more ridiculous, so buying is clearly weaker here, and this stuff has to matter, sooner rather than later.

AAPL hit resistance and rolled, so I'm guessing NQ starts this selloff? Overbought NYMO, etc and the complacency in the markets is also getting ridiculous now.

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