ES Futures - Hourly - January 8th 2018

This is the first negative divergence in the market in quite some time. It is also showing RSI 69.1 rejection at the current time suggesting that the market is technically NOW able to move lower - short-term to test support levels. Should those support levels hold then the uptrend continues and, of course should support fail then we can expect this to mean a pullback of some magnitude.

Remember we talked about the idea that the market will have to record improved highs no matter what happens due to the power of the recent move.

Best + good luck.

P.S. if you didn't notice the RSI setting is 26 on this chart.