Friday, March 17, 2017

SPX S&P 500 Weekly Chart

On the SPX weekly chart, price makes a new higher high from 2 weeks ago. Looking at the indicators, all are neggie d ready to create a spankdown except the pesky MACD line. The MACD line remains long and strong as price makes a new high, thus, price will likely make a jog move, down, up, then  potential roll over, on a weekly basis, to provide time for the MACD line to display neggie d which will identify THE top in the weekly time frame.

So the indicators want to see price spanked down for say, a week or so, then price will venture back up again for a matching or higher high in this 2385-2393 area, and, if the MACD line is then sloping downward indicating neggie d, the top will be in, and the S&P 500 will roll over to the downside.

Price has violated the upper standard deviation band and needs to return to the middle band at 2272 and rising and perhaps the lower band at 2118 and rising. The red rising wedge is ominous since the collapses from rising wedges can be quite dramatic. A top is near as described.

Interestingly, Fed Chair Yellen speaks on 3/23/17 although she may or may not discuss monetary policy. The new moon peaks on Monday, 3/27/17 so perhaps some market voodoo is on tap to end the month and begin April. 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.

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