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Wednesday, June 9, 2010

US stock market short-term update - technical, S&P 500, 09062010

The futures trading shows some of the strength of the bulls might be vanishing so one should beware.

What is formed on the 4 hour graph is a hidden divergence between the S&P 500 (SPX) index and the Stochastic indicator which could signal a retreat for the index at least in short term. There are several hours to pass before the opening of the market so these could be bears' hours.
On the smaller time-frame graphs the down direction is even more visible. On the 1 hour and 30 min there is still more time to pass before the down movement is finished.

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