The market finally broke out of the triangle as expected and found resistance at 1296, a level I was anticipating as resistance. The hourly MACD -ve divergence continues to build so we must assume this rally may be coming to an end.
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| SPX- 15 Min - Primary |
Per the primary, there may be one more little push up to test the 1296 high and maybe 1310. Pattern-wise, the intra-day chop looks like another triangle so lets see if this supports one more push higher.
Note the alternate within this primary as well.
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| SPX - ED Option |
Wave (iii) = (i) at 1310. A rally any higher and this ED option is out. We shall see shortly if (iii) is done or if it has more to go.
Last night I wrote that I wanted to see the divergence disappear if the triangle were to break up north. This didn't happen today so we'll have to keep an eye on it since MACD is starting to roll over again.
The market could simply be gunning for the red TL at 1310-1315 first. We'll see.
