T/A ETF AND INDEX

[Torqputty]

The weekly chart

Downside; the weekly stoch 5,3,3 for index SPY, IWM, QQQQ & SMH are all sporting a nice downward arch plus the standard full stoch is crossing.

The upside; its my assumption the S&P would need a round number such ass 950 or a double top such as 943 before the correction can commence. Also NASI and NYSI weekly stochs are extended but not broken.

I’m thinking that the expected correction is on its way and anymore upside is for intraday traders only. For me the daily S&P channel seems the logical choice and will review direction again at lower trendline.

WEEKLY S&P
http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=1&mn=0&dy=0&id=p47465031129