Markets failed to rally today and most of the Stochastic indicators are not in sync with each other. Therefore we should just stand back and let it clear up for tomorrow. Although I do have a scenario in mind.
Option 1: Tomorrows overbought 15min SPX should relieve it self by pushing down maybe to surpass todays low which will give a divergence to price and indicator. This should help push the oversold 60min Stochastics up finally and eventually join the SPX daily at overbought. Once this is achieved a clue will lie in the price breaking the Dec. 3 high or settling below it with a 3 wave EW pattern visible.
Option 2: Rally tomorrow to make 3 wave move to finish off the 2nd wave which would keep 15 at overbought yet push the 60min to the overbought direction. By this time the Daily would be ready to turn down bearish.
Our weekly trend is up but using our daily as our main trend at overbought and turning down. We should expect any move up to be temporary and a downward trend to be our primary move which should resolve the weekly back to the downside.
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