After a month or so of chopping about the S&P 500 is right back to horizontal resistance. On the 4 hour chart it's overbought now. Overall we can see a clear wide rising channel. Does it head for the top or the bottom? I don't know but my hunch is top. The first clue will be how it works off the short term overbought condition. If it gets oversold on only a small pullback it's time to be bullish. This has been a tough one to call. Long term I feel this bull market is getting long in the teeth so am looking more and more for short opportunities.
