SP 500 FUTURES Broke above 4176 Resistance

Not very much has changed since last Friday.  The market sentiment is still cautiously bullish even though more and more people expect the market to correct soon.  What’s ironic is the market simply moves higher every day while people point their fingers at the charts and say how ridiculous this is.

On the daily and the hourly charts, the W formation is apparent.  I think the index can go higher.  The RSI on the daily chart is 70, and 68 on the hourly chart.  There’s certainly room for the index to go higher as well before it’s overbought if there’s such a thing called overbought nowadays.

W is formed.  The resistance 4176 now becomes support.

Here’s the daily chart.

Here’s the hourly chart.

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