Daytraders frolic as swing traders measure indicators, support and resistance

Plenty of fun action intraday in the S&P 500 and other equities markets as traders could follow chartists like Andre Gratian, and look to the ChartsEdge map posted this morning for likely intraday cycle influences. But swing traders continue to size up whether and when this rally is ready to roll over. Among the markings I've placed onto the 10-minute and daily charts of SPX (below), I note that the index still hasn't ruled out getting to the 953 level that shows on my weekly chart as a Fibonacci retrace level and I believe that Andre, and perhaps Tony Caldaro, have similar levels based on their own separate methods. Since they, as well as the ChartsEdge weekly forecast, suggest that somewhat higher remains possible for the week - and equities did not break important support - I don't see why anyone should be surprised by the afternoon rally. It may be difficult for swing traders to navigate (although a daytrading playground), so swing traders need to stay focused on the influences that point higher. At least until there's a break of support with a reversal pattern. What can be seen, and a likely reason why support seems to be dwindling, is the negative divergence accumulating on the daily chart.

I also posted a "charts roundup" overview of charts across various markets at my UBTNB3 blogspot (link and chartsfeed at right). Maybe it will be a couple of days before these various charts really show their hand, as some of them (such as SPX of course, and TLT and USO) look like they have a bit more work for their short-term wave patterns.