Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

SPX hourly update

|Includes: SPDR S&P 500 Trust ETF (SPY)

In a previous post I wrote:

Today I was keeping a close eye on the hourly chart for the SPX. 1105 was clear resistance and we got there and failed. Before I can get too enthusiastic I want the market to clear 1105 on the hourly and the daily 200 day SMA which is at 1108 right now. I still have not gotten a long term sell signal but I did get another short term signal on XHB. The short term sell signals are piling up.

Well, we cleared both 1105 and 1108. We are above the 200 day SMA. I would have liked to see more volume. This market has been going up on light volume for a long time so I am going to go with it for now. The obvious target is a previous peak at 1150.

Since there was light volume keep a close eye on it. If the SPX falls back below 1105, which was the high of the recent consolidation area, it may go back to the lows of the consolidation area, 1040.