SP500 Hourly Shows Today’s Jump Of 36 Points

S&P500 Hourly -

The SP500 closed higher by over 36 points.  The MACD is pointed up – bullish – but is in overbought territory.    The 8MA is pointed up – bullish.  Channel resistance is clearly broken.  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.  To see an up move like this at the end of a four year bull run is usually an indication of a very emotional market – another way of saying that the market is trying to pull in every last buyer it can before turning down.

Click on chart to enlarge SP500 Hourly Shows Today’s Jump Of 36 Points