The daily index charts are all suggesting the same, we maxed out yesterday @ sp'1438. The old leader..the transports is especially supportive of such a call, with no less than 3 spiky daily candles. Considering the bounce we've had in the past 3 weeks, I think we're done.
I've added a rare weekly chart during the day, to highlight the key issue...
The bears should be seeking a weekly close <1420. That should be more than enough to clarify that the multi-week bounce is complete. I'd like to see the current green candle turn blue by the Friday close.
That is not to say we won't just churn largely sideways across the Christmas period, but it sure is suggestive that we won't be going any higher.
time for lunch
UPDATE 12.25pm In the next down cycle, I'll be referring to this chart a lot...
A close today/tomorrow under the 10MA would be a nice way to end the week.
Sp'1343 is a long way down.
Best guess, we get down to 1380* next week, then minor bounce into Christmas week.
A move from 1438 to 1380 would make for a reasonable minute wave'1 (or 3) down. More on that later.