Saturday, May 28, 2016

$SPX - Horizontal Ceiling - 2016 Cycle!

SPX pulled back in May, and is currently near major resistance once again.  Upside is capped by the horizontal resistance that extends back more than a year.

The horizontal white resistance is likely to be tested in June with a high forecast June 17th.  July looks particularly negative.

Daily Chart

2016 Crash Model:

XIV consolidated during the month of May, and has cleared double resistance.  XIV should see a pullback this week, but further upside is likely in June as it works it's way towards upper fork resistance. 

The larger, longer term trend remains down!

Daily Chart