5 Sept 2013

The 75 Daily MA was broken today and prices closed above it for the SPX, but the 20ma proved to be a stronger resistance.  The bears need to take control soon or else price could accelerate higher.  Today the SPX produced a topping candle pattern, and the divergence in the intra-day signal yesterday came true.  We need to see the intra-day signal push below the overbought territory to confirm a sustained move down. 

Main-Trend: DOWN
Short-Term: UP

Note: On observation, we can see a potential wedge pattern forming from the Aug 28 lows to todays move.