AUG 1 2014 - First off , There has been a lot going daily this week in my personal life, my friends son was in a severe accident and a few other things have kept me busy, so I have not been in front of the screen as much as usual this week. That said, I haven't Tweeted & Posted as often as usual so I wanted to Quickly just throw out some brief Charts & Thoughts since it got a little CRAZY after the Fed Mtg.
SPX - It was DUE for a pullback using cycles and Technical analysis, but you can never tell how much or how fast. This COULD get serious - but as I mentioned, there were signs that it was coming. The VIX, $CPCE, Internals , and of course PRICE PATTERNS showed we were due. See the daily & weekly below.
SPX WEELY - Overbought RSI WEEKLY & it hit the Top of the channel
The SPX DAILY also showed that it was ready for a pullback (Note the Rising Wedge - MACD , RSI, and Orange arrow) ...