SPX Weekly Chart Overbot Rising Wedge Negative Divergence M Top Pattern

Keystone called a top last week with the negative divergence and the spank down has started off the top. Yesterday markets recovered to now show a hanging man candlestick above for the week thus far. The red lines show firm negative divergence so a much stronger move south is expected. The RSI, MACD line, and to a lesser extent the histogram, are upbeat for the last month time frame, so a stutter step would be expected before complete roll over, perhaps as shown in the right margin. Projection is lower prices moving forward with the 1350-1370 area a downside target as the Autumn leaves fill the air. The move down would also complete an M Top formation. 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.