Notice the SPX Daily MACD (12,26,9), still has not made a Bull crossing, today being a short trading day the Daily is likely to confirm a Phase 1.
So what will happen on Friday? To keep the MACD on the Bear side a big sell off will have to happen. If the MACD makes a Bull crossing on Friday, it could be a huge up day. So it looks like Friday is going to be big one way or the other.
The plus for the upside, the 60 min Phase 1 will probably close in it's 8th trading hour, so it will be extended by an hour.
The plus for the downside, the Daily is likely to confirm a Phase 1 at the close today, the Weekly Phase 1 is only in it's 2nd week, and the Monthly Phase 2 is extended.
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