SP500 Hourly Sells Off Late – Closes Down 11

S&P500 Hourly -

The SP500 closed lower by about 11 points on an afternoon selloff.  Pricing is now below channel support – bearish.  The MACD is pointed down – bearish.  The 8MA is topping – bearish.  We broke our December 10ish highs as expected.  We also note divergence in price and MACD – bearish.  As said many times before, the US Dollar remains the key – a higher US Dollar (supported by a falling Euro) will continue to help send these markets, indexes and commodities to the downside.  A divergence between the markets and the US Dollar occurred today – the markets fell as did the Dollar – divergences like these often occur at or near major tops.

Click on chart to enlarge SP500 Hourly Sells Off Late – Closes Down 11