SPX Hourly Chart is overbought and a pullback is more then due. A likely target area would be the 60 EMA near 1230
SPX DAILY remains on buy signal
SPX Weekly Chart
MACD still on buy signal, Stochastic is turning slightly back up and RSI is back over 50. The picture is not bad at all and considering that Daily has a valid buy signal, the weekly chart should improve.
Summary:
With break 1230-1226 a sell signal was given and the SPX retraced 62% from October low to October high. After reaching the 62% retracement, the SPX rallied strong and remains on buy signal since re-break 1191. That being said, a minor pullback towards 1230+ area is considered healthy short term
