SPX Weekly Chart 3-Year Upward-Sloping Channel

The saga continues with price refusing to give up the ghost. The SPX attempts to regain the channel fighting along that bottom rail; the battle now six months old and the bears are winning. Over the last three months, note the higher high in price, but the RSI and MACD histogram are flat, negatively diverged, wanting to see a pull back.  Stochastics and money flow, however, are long and strong and after a pull back occurs, would like to see one more move back up for price before it rolls over.

Watch the flat 50-week MA at 1267 as an important support/resistance level. A quickie move down could choose to bounce from here, or perhaps from the 20 MA at 1227. Then another move up will satisfy the stochastics and money flow.  Projection is for price to not regain the 3-year channel, the bottom rail will continue to act as resistance.  Price should move sideways to sideways lower moving forward. 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 anyinvestment decision.