The S&P 500 surprised with an early rally, before the end of the quarter. Breach of resistance at 1415 on the hourly chart signals a new primary advance. Short retracement indicates a healthy up-trend — as does a trough above the zero line on 24-hour (4 day) Twiggs Momentum.
Bearish divergence on 21-day Twiggs Money Flow indicates medium-term selling pressure, but recovery above 30% would negate this. Immediate target for the advance is 1450, while the long-term target is 1600*.
* Target calculation: 1300 + ( 1300 – 1150 ) = 1450; 1350 + (1350 – 1100) =1600

Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.