Looks we got a little more follow-through on the upside this morning, which didn't surprise me considering the strong move up yesterday. Plus, while this 60 minute chart was very overbought on its' MACD's the 6 hour chart wasn't, and that was the clue to me that said it was likely to strength into today. Now, the question I have is "will we rollover near the open" or "will we close up near the highs and rollover tomorrow"? That's a tough one as I just can't answer it. I don't "feel" like it's going to happen right at the open, nor do I think it's going to keep this level all the way into the close. I guess all that is left is for it to rollover at some point during the day. Maybe we go back up to retest the premarket highs and even a little higher... like to 2475 or so. But a move down is very likely coming at some point today or tomorrow.
So I'll be looking to enter some shorts slowly but I want to have some partial position on before the close as I really think it could roll as early as midday today. The MACD on this 60 minute chart is trying to turn back up but it's really weak in my opinion as we are very extended on the entire rally up. Anyway, I'll keep today's' post short. I'm looking for a high here today that will either produce a nice B wave down with yesterdays' rally up be the A wave, or we'll see a C wave down that takes out the current low with the A wave down being from the 8/8 high to the 8/11 low and B wave up being yesterdays' strong rally.