|SP500 4-Hr Chart : Minute ((iii)) Longer Than Minute ((i))|
Therefore, as long as prices remain in the tiny new up channel we sketched in there is no reason to conclude upward movement is over exactly yet. (We'd like to see a few more fourth and fifth waves in this general area - perhaps beginning Monday or Tuesday.)
BUT, if you've been watching the volume figures, they are growing smaller and smaller, particularly on the futures. This to me is another significant caution signal. It seems like the market is coasting and people are on auto-pilot or hanging on for dear life. I'm not sure which. Meanwhile, actual risk builds to the down side (in my opinion).
Well, that's all for today. Maybe some more over the weekend. Have a good night.