Darn, I had a post all written and ready to go, then we had a hiccup here and I lost it... the short version is that I've notice lately the many calls for an IT top, yet my charts do not show even a ST top at this time... perhaps upward at the SPX ~2350 - ~2500 level, but as always, I'll take it a day or week at a time.
FWIW, I'm an IT Swing Trader... of necessity. I have seven children still at home, just came out of a seven month legal battle and work some 60-hours per week as a manager for my employer. I learned that at this juncture of my life, I had to learn to read the IT swings, and accordingly, am still long from the Feb lows.
With both the fast and slow momentum charts, I am looking for negative divergence AND a break of the dashed UTL on both charts to suggest an IT turn is at hand.
Link to SPX fast momentum IT Top chart: http://postimg.org/image/71mzuhj2x/
Link to SPX slow momentum IT Top chart: http://postimg.org/image/osym8xyhl/
