Overhead Resistance June S&P

Pabst,

I totally agree with you that you do not sell a quiet market. The NASDAQ had an Outside Range Day today. This is a Minor Trend Change Indicator and our 3rd in a row. I have been a seller in the SPM from the 913-918 level for three days and have made money on every trade. 923-928 is my next level to get short. I have a Point tomorrow at 923.70 and 927.00. I will sell at these levels.
 
Some divergences to consider:

The VIX is rising even though we are rallying.

The daily ADX is about to cross to the upside above DI+, making it a rather overheated market. Also notice that DI+ is making lower highs. The weekly ADX is still sloping downward and is about to cross downward through both DI+ and DI-.
 
http://www.dynamicbear.com/SPXdaily.gif (yogibear)

Ante up, folks, this is the week. It did break above the trendline traced from Dec & Jan, but now we're gonna hit the 935-940 resistance. You know what they say, "Up on Monday, Down on Tuesday."

P.S. One thing to keep in mind is Tuesday, when Tax Cut meets Rate Cut.
 
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