If you want this rally to be completely over, you need to root for a pretty good pop up over the trendline for a false break up to 1350 give or take 5 points and then roll over hard.
If we just touch the trendline and sell off, there may be another move north left in it.
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Key Levels
Upside -- 1320-1330
Downside -- 1314, 1303, 1292, 1257, 1251, 1225
This is one of the longest time periods this has remained so lopsided since I have tracked these levels
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SPX Daily (12 month)
We all know whats likely to happen as a result of the Apple earnings. This should be enough fuel to finally kick us up to our levels that should provide real resistance and start a sell off.
MACD didnt move today, still at 19.. but it will tomorrow. 24 is the magic number.
Stochs still levitating up at super overbought levels.
I think we should have a top and reversal in place by Friday or maybe Monday. What kind of top it is will be key here? If we just touch the trendline and roll over but then proceed to sell off somewhat hard but still in one of those down 150 on the DOW.. followed by a up 75 and then down another 100 and then up 40.. blah blah. One of those types of tops means theres yet another run north left.
If however, we pop up to 1350 or near and we get some kind of big intra-day reversal from big green to big red or a big green day followed by a gap down the next day that engulfs several previous days of green trading. Then proceed to selloff continually with big down days in a row. That will mean we have seen the top of this entire move.
We shall see.. won't be long now.
GL
CJ
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