S&P 500: Market reaching 2251

Carol Harmer Charmer Trading

SUPPORT: 2241 2230** 2225 2220 2216/14 2208 2205/04 2197 2193 2185

RESISTANCE: 2252 2257 2263 2274 2285

Quite a slow day yesterday with the market reaching 2251....not a lot happening currently and I do think that after this week rocket higher there is room for a correction...However as I have stated previously given the FOMC meet Wednesday and the rate hike is most def priced in we have to see what happens....Can we maintain this strength...we technically no reason we cannot...we are not that overbought really....We have seen worse at lower levels...so I am looking for divergence...The stochastic s are not as highs as when they were priced at 2209...now look at how much we have moved away from here so the market isn't actually as strong technically as it was previously...sounds confusing I know....but what this could mean is that the market is ramping up on not a lot...and that a turn could well be imminent...This divergence is usually one of the first signal we see as technical traders...and although we do not like to stand in front of a speeding train...we have to be aware that unless these make new highs...the market isn't all what It seems....Wednesday will be the tuning point for this market...so for now...sit tight...and see where we go over the next few sessions....

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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