SPX Daily Chart Overbot Rising Wedge Negative Divergence

We have been watching the daily chart over the last couple weeks and 3 days ago we discussed the print at the apex of the rising wedge. It was time, and so far price has pulled back to tease the 20-day MA at 1786.86 and bounces. Remember, the collapses from rising wedges can be quite dramatic, and today's initial trading appears to want to favor the sell side. The price behavior at the 20-day will tell you the path ahead, below for happy bears, and above for happy bulls. The indicators are rolling over, stochastics now dropping from the overbot levels and likely headed for sub 50%. Chart is favorable to the bears and note that the selling volume was stronger, albeit slightly, than the recent up days. Additional downside would be expected moving forward even after any pop occurs. 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.