Today, Nasdaq and $SPX broke above the resistance mention at yertserday's post -- 2140 and 1075, respectivly. $SPX tested 9/23 high at 1080. And Nasdaq went as high as 2057. They close right around 2140 and 1075 level, resoectily. From 60 min Nasdaq chart, Nasadq broke below the short term uptrend, signaling the start of short term correction. Is this just a short term correction or something more than that? It's hard to say at this moment. From the lower volume pattern with the recent bounce, plus some negative divergence from daily MACD and STO, there's chance the market is forming the double top pattern. also, $VIX is testing important support at 23 and its STO is at oversold level. But at the other hand, the trend is up and ADX is showing uptrend strength. So, be careful if you are either bull or bear, at the current moment.
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