January 14, 2017: New comments S&P500
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Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
The used chart template is explained HERE.
Last week I wrote: "The past week, first 4 days of the new year 2017, no further confirmation for a correction. Is it just the beginning of the new year? It should start happening. We can still see the negative divergence between the index with higher tops and the SRSI indicator with lower tops. Wait and see..."
Closing the week only slightly lower. There is still the negative divergence between the index with a higher top and the Stochastic RSI with a lower top. The index also reaches a Fibonacci target, is near the upper side of the volatility band and the median line of the up moving pitchfork. I am waiting for the confirmation of a correction. I expect some move down the coming week.
The longer term SVEPRExp expert system is green. Green means a long position and black a short position for the long term on this weekly chart. You can find more information about SVEPRExp HERE and HERE!
For FOREX traders; here I keep updated FOREX EUR/USD charts.
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NinjaTrader® charts courtesy of NINJATRADER®