Change in Trend to Down on S&P Hourly Futures
The S&P hourly appear to have completed a nine wave uptrend. Today, the S&P tried to move above resistance at the wave 9 high around 2800 -- but failed. Subsequently, the market dropped, causing the angle on the 50 MA to point downwards. This is indicative of a change in trend from up to down on the hourly S&P .
I'll be looking to short rallies.