SPX 30-Minute Chart Ascending Triangles Negative Divergence

Here's an update of the ascending triangles Keystone has been referenceing. The blue triangle targets 1295 so that target is now achieved. The red triangle is in play and it would target the 1302-1307 area. Looking at the teal lines, the higher high in price compared to five days ago results in negative divergence across all the indicators, creating the spank down at the teal arrow.

Price drifts sideways now. The October high at 1292.66 is serving as important S/R. Note that the 8 MA was about to drop down thru the 34 MA as today began but instead the 8 MA took off vertically with the bull rally. Keep watching for the 8 and 34 MA cross. Also watch to see if any of the indicators break thru the lower trend lines (black thin lines).

Since the teal negative divergence was universal across all the indicators, that provides clout that another higher high above 1295 should not occur but sometimes divergences are divergences--until they aren't. Projection would be lower prices moving forward, sideways to sideways down. 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.