Markets remain strong, and indicators remain overbought. This is what we mean by price acceleration. The usual clues to price acceleration is when your main time frames cross into overbought, and with this current acceleration the prices for the SPX gapped up in the opening on the 27th of May, and have been chugging up every since. Now 40 pts. higher, and an endless print of negative divergences, it is only a matter of time before a pull back occurs. How much of a pull back remains to be determined.
A pull back would be followed by a rally and that rally should make lower highs to keep bears in the game. So far though, since April 14th we have been making higher lows. Currently, Planet Forecaster is looking for a reaction on the 14 of June or around that time frame. We should keep an eye on the indicators to see what it could be doing to clue in a possible CIT as the last reactionary date (Highlighted in blue) did not turn up anything.
MT: UP
ST: UP
PA: UP
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