The rally in the SPX up to a new cyclical high since Jun. has proceeded with a fair degree
of form regularity. It has saw toothed along and every challenge down to the 25 day m/a
has resulted in a bounce off the 25 day or a quick upmove if the 25 day was penetrated to
the downside. Note as well that such penetrations have been shallow. Well, the SPX is
once again down around its 25 day m/a. As well, my extended time MACD is also showing
a challenge to the uptrend in place there. Without a nice upward bounce in the SPX this
week, we may be looking at a rally that is either changing character, or worse, ending.
SPX Chart
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