Here's the future's chart as of 8ish am - S&P isn't really doing a whole lot in the overnights and isn't really giving a whole lot of guidance as to what will happen today. Unless today will be meh also, in which case it's giving a very clear signal.
Just watched Art Cashin on CNBC - one of the few on that network that I respect (he's a floor trader, not a CNBC employee/shill) - and Art seems to think that all of this is built on a technical nothing and will collapse like a house of cards in the fall. So I'm glad I'm not alone on that one. But in the meantime, we want to make money between now and the fall....
Here's the current S&P chart - enjoying the view from the lofty 1000s:
S&P 500 - Daily Chart - 3 Months
Looks pretty good, doesn't it? Rising nicely, volume is above 45ma the past 4 up days. On price, the 26ma and the 5oma are about to cross the 200 - nice.
Take a look, however (you knew there'd be a however), at the the last 4 days, price-wise - I drew a red line (very healthy slope upward ) but then look at the MACD-H - which, remember, is a measure of momentum. Those 4 days, nice up days price-wise, correspond to down, down, up, down on the MACD-H. Not a very good show of momentum, eh? Compare those to 4 similar days a couple of weeks ago (I drew orange lines). Look at the corresponding MACD-H to those 4 days - nice up direction and momentum back then. I'm just sayin'.
So I would expect this latest move to peter out - but, hey - what do I know?
Good luck!
Update: at 11am the S&P is down below 1000 (996.78) and remember that list of ETFs I put up the other day - they're all down - except for the financials (FAS, UYG, etc.) which are going pretty strong (which isn't usually the case - they tend to move with the overall indices, which is why I monitor the S&P rather than FAZ or FAS themselves). Whether this is just a bit of a correction from things being seriously overbought or whether this is the start of something bigger remains to be seen. I'm using 980-982 support area as my line in the sand.