In long distance running there is a point during the run where your body just wants to stop. It is the "WALL" runners speak of. It takes everything to get through it but once you get through it your ready to run some more. But unless you hate your self enough to keep going, your going to stop the wall is to strong.
Right now the market is close to this "WALL".
The big move up started on the 13th and hasn't looked back. But now the market has climbed into overbought territory and the last two days has made indecision candlestick patterns. Also take note that the MACD has not really broke out as the market has made new high, showing some divergence.
One thing to notice is if the bulls were to extend this market even more and break above 960-970. There is no resistance to the 1200 level. Look at the Volume above 980, there is none.
The hourly SPX is showing some strong divergence. Since about the 19th the market has climbed while the MACD has moved down steadily.
Also (I will post the chart when Stockcharts fixes their problem) this last move up on the hourly chart has seen less advancers and significantly less up volume.
My chips are in for some pullback from here. Only the market will tell us if I am right or wrong.
