Friday, November 20, 2009

11/20 - SPX AM UPDATE: DAILY MACD CROSS

UPDATE: (8:00 PST): MACD on the Daily has crossed. I expect a move to 1070 and/or possibly 1040 sometime next week.





Looks like this pattern I have been following is still in play. A cross on the MACD daily is just about to occur.

So regardless of the count, I say the likelihood of a pullback (either to 1070 or 1040) is greater right now then any attempts at a new high.

We'll see how today plays out and especially next week.

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