Having traded sideways since earlier in May when the index tested the 930 resistance levels we have now unwound the overbought conditions created back then. RSI is now back to around 60. I think it is interesting that the oscillators are now getting a lot more interesting: the stochastics have firmly crossed over and MACD is still in a bear signal given earlier in the month but the distance between the lines is narrowing. I think we will see a bullish crossover coincide with a breakout of the 930 level. The Parabolic SAR is giving a buy signal today (the green dot under today's price candle).
I am long June 1000 SPX calls.
Here's the chart I'm looking at.
http://tmd.it-finance.com/MDLight/itcharts.phtml?uid=D18F4BA1E5FCAABB&locale=en_GB&key=94fb9000ae9f0b901b350a8c85b6bf6e&epic=TM.D.SPTRD.DAILY.IP&timezoneOffset=0&webSiteId=igi
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