3 June 2014

The upper diagonal trend line is acting as resistance to prices for the SPX for the moment.  Negative divergence is still playing out and no resolution on trend change as well.  The current state is still UP, therefore stay the course.

MT: UP
ST: UP
PA: UP

Yesterday I mentioned that a CIT would have to be influence by the intra-day charts, and that the intra-day signals would only last an hour to a few hours at most.  This was true early this morning when the signal pointed down, but did not alter the ST to change its direction by the time the intra-day signals started to turn up.  We will be looking for a sustained move lower before initiating a bearish position.  Right now the risk is still to the upside.