S&P 500 (SPX) Upmove Losing Steam
Heading into the final hour of trading for this week,
the SPX remains about 8 points off of its marginal
new high. As of this moment, other than a GLARING
NEGATIVE MOMENTUM DIVERGENCE (higher-high in
price vs. lower-high in momentum), the price action
itself is not indicating an imminent end to the
uptrend. HOWEVER, the momentum divergence puts
us on notice that the power underlying the upmove
from the 10/10/05 low (1168.42) is losing steam.
Furthermore, a close below 1297.50 coupled with
the momentum divergence will trigger a more
emphatic warning that the post-Oct. upmove
is in trouble.
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