Big picture: the S&P 500 seems to be stabilizing this week.
Daily chart:
The S&P 500 remains in down mode in the short term. However, it is showing signs of correcting, and is within the red correction zone. This is, however, quite large and does not end until 2121 points (point three). The 20 location point line from the weekly chart is passing through the middle of the correction zone, which may pose a first obstacle on the further way to the top. But if it comes to a further relaxation in the poker game with Greece, for the moment, the correction could continue on.
Hourly chart:
The short-term trading in the hourly chart is not really simply up-to-date. As can be seen in the image, the trends are constantly alternating. Due to the correction beginning in the general economic situation, an uptrend is appearing here. However, this still has the 20 location point line from the day and the week ahead of it, which could bring a halt to a continued uptrend for the time being. The experienced trader will wait on the sidelines for now.
All the best,
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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