SPX Update 4/5/16

I wanted to post a chart of the SPX as today is likely the start of a dip / pullback.

This is an intraday look so the close today is very important. The indicators could change by the end of the day.

As of right now there are several items that indicate a pullback has started.

1) the MACD has gone negative
2) the price is breaking below the 9-ema (see if it closes below)
3) the RSI poked above 70 and then moved back down below it and is declining
4) the price got rejected at the “back to where it started” zone I’ve been pointing out

SPX_id_452016

Today’s close will be very important and I’ll go over all this on the show tomorrow.

These are just basically “warning signs” that the current run may be over and the market is about to experience a pull back. Let’s see how it looks at the close.

I’m watching closely to see if it closes above or below the 9-ema.