Short Term Trading Member Forum

[techcharter]

Signs of the Markets' Tops

NDX RUT SPX INDU DAX FTSE CAC

http://stockcharts.com/h-sc/ui?s=$spx&p=D&yr=0&mn=6&dy=0&id=p75635173805

1.) The Elliot wave structure since the March 17 rally looks complete. All had double zigzags.

2.) The RUT did not make a new rally high (truncation) with the NDX SPX and INDU around the time the FED spoke.

3.) The Stochastics have been in the overbought area a couple of days, and faked early exits a couple of times.

4.) The MACD is flattening as the price rose. This signals slowing/ reversing momentum.

5.) Bollinger bands just started opening, allowing for increased volatility in the coming days. Downside targets would be along the lower band.

6.) Candlestick inverted hammer is a topping form.

7.) Relatively large volume on a down day.