The S&P 500
hit a new all-time high on Tuesday but the party appears to be rapidly winding down. The index has levelled off this morning following a surprisingly disappointing 1.2% drop in US durable goods orders. The uptrend in the index has been showing signs of tiring with gains being made on falling volumes, a negative RSI
divergence indicating slowing momentum and On Balance Volume
starting to trend downward following a break of uptrend support.
A sideways range of 2560 to 2600 has emerged. A break out of this range in either direction would signal the start of a new trend.