The downtrend line is around 1068 and is going to climb down to roughly 1065 by the end of tomorrow's trading day. That means SPX can gain another 10 points without affecting the bearish momentum by a bit. There is no positive divergence in either MACD or EW histograms so no early indication that market is going to turn around.
On long term let's keep an eye on EMA100 crossing EMA200 that signaled the beginning of the bear market in 2007. We are not there yet but very close. Intermediate term players should watch EMAs crossing on hourly chart. I hope you went short around 1090-1100 and stay now comfortable on gains.
Let's see how the jobs data are going to look tomorrow. On Friday, I think, the revised GDP data will hit the market. Even if there isn't going to be any surprise expect market to go down a little bit so if we are going to have another up day this week is probably going to be tomorrow.
Have a nice evening!
babaro
