The SPX managed to move down to its lower Bollinger band but it did not touch it or cross it. Although we have a reversal candle today on the daily chart we could still follow through tomorrow if this Fiscal Cliff issue does not get resolved before the weekend. Our 15min Stoch. has pushed up to overbought really quick and this could be a clue that a down-turn tomorrow is at hand. Also to note that our Hourly chart for the ES futures is at overbought as I type this.
Daily Stoch. is still pointing bearish with a MACD crossover to the downside, and we could close the WEEK on a bearish position if we drop down again tomorrow to end the week.
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