{"id":62526,"date":"2013-09-23T10:27:33","date_gmt":"2013-09-23T00:27:33","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/09\/23\/sp-500-showing-triple-top-danger\/"},"modified":"2013-09-23T10:27:33","modified_gmt":"2013-09-23T00:27:33","slug":"sp-500-showing-triple-top-danger","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/09\/23\/sp-500-showing-triple-top-danger\/","title":{"rendered":"S&P 500 Showing Triple-Top Danger"},"content":{"rendered":"

After calling the rally in the S&P 500 futures two weeks ago, the TechWizard thinks we are again at a critical level. The chart is showing triple-top overhead resistance. If the rally is to continue price action has to punch above this overhead resistance line, the Wiz suggests, and shoot towards 1800…in a hurry…or a decent pullback is in order.
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If we switch to the weekly chart, the MACD and price action are showing clear divergence, which favours a pullback. But the Wizard wouldn’t use that as a stand-alone sell signal as he has seen such divergence before many times when the price action has still pushed higher.
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The Wizard does suggest, nevertheless, any pullback would only present another buying opportunity and traders should be ready to jump back onboard  for the Christmas rally ahead.<\/p>\n

\nThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).<\/em><\/p>\n

Technical limitations<\/strong><\/em><\/p>\n

If you are reading this story through a third party distribution channel and you cannot see charts included<\/em>, we apologise, but technical limitations are to blame.<\/strong><\/p>\n

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The TechWizard believes a pullback on Wall Street is on the cards given technical signals in the S&P futures.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62526"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=62526"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62526\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}