13 June 2014

The MT barely closed the week in a downtrend.  We still remain overbought for the MT but so long as our ST is still on a downtrend, the sync in both indicators provide is with a much safer entry point for a short position or liquidation of the long position.  I remain bearish in this case and look for continued move lower for next week.  How long that continued move lower last will depend on intra-day indicators providing us with those clues. 

It is clear to me that the 75ma in the 60min chart and the upper wedge trendline is providing support for prices in the SPX.  Any break of this would send us down towards yesterdays possible price target mentioned (1910-1915) or near the 200ma on the 60min chart.  The reactionary day we have is during the weekend so we might see it come by Monday.  Two things could happen which is a reversal to the upside, or a acceleration down.  Since our ST is bearish, the probability of a bear move becomes greater than a rally.

MT: DOWN
ST: DOWN
PA: NA