the chart is in errible shape (my bad!), but by the indicators, I am suspecting that the current rally is getting close to losing steam, based on the following: 1 - First, the upper border of that channel is getting quite near; 2 - The CCI, Wm%R and CMF are lining up into a trifecta of overbought conditions; 3 - The ADX is now pointing downwards; 4 - RSI bearly reaches the 60-level while above indicators favor a near resistance or reversal.
More headroom remains before above technical signs lose their validity. So for now, i would consider the $118.00 a significant pivotal point, IMHO.
- Dalcindo
------------------------------------ In Response to:
S&P500 weekly showing last 2 week breaking out the blue down channel and RSI turn +ve
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