MORE TECHNICALS

Above is an updated chart of the SPY with a few more technical indiators. The charts indicates the markets are in a trading range but the indicators show that a top may be forming. The momentum indicators are turning south meaning the markets are running out of juice to keep the rally going. Momentum indicators tend to lead the markets as they show the rate of change in the increase in price. If the rate of change decreases the chances are the markets go lower.

The markets are set to open a tad higher in light of the rally overnight in the overseas markets and hopefully a carryover of yesterdays afternoon rally.