SPX Daily Chart - 10 Feb 2011

     We are now at bar eight of a potential 9-13-9. In order to reach 9 we must close today above 1319.05. Meanwhile, a close below 1324.3 would certainly keep the weekly Combo sell countdown in play.
     Another aspect of potential trend exhaustion is reflected in how some of the other technical indicators are behaving. Today's chart shows the Relative Strength Indicator (RSI) along with the price chart. The bearish divergence is obvious.
     Bottom Line: Although the indicators are pointing towards trend exhaustion they are still bullish at this moment.