SPX weekly chart shows the rising wedge, overbot conditions and negative divergence that wants to see a price spank down moving forward. The RSI wanted to see a matching high this week with price and yesterday that was satisfied although the S&P futures point towards some additional buoyancy to start today. The SPX may want to print in the apex of the wedge which is the 1570-1576 zone. The 1576.09 is the all-time high from October 2007.
The bulls are at lofty heights with the price and moving average ribbon at the best levels possible with the price above the 20-week MA above the 50-week MA above the 200. It does not get any better than this. Projection is that the broad indexes are topping out currently. A week or two of sideways is not unreasonable but lower markets are anticipated for the weeks ahead with price moving towards the lower brown trend line at 1470-1500. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
