SPX Weekly Chart Rising Wedge Overbot Negative Divergence Upper Bollinger Band Hanging Man

The weekly chart continues along with the red rising wedge (a bearish pattern). Price has touched the upper BB so a move to the middle BB at 1439 would be in order. Last week's candlestick is a hanging man indicating a potential trend change so this week will determine if there is follow-thru to the downside.  The tight BB's in December squeezed out the move higher into today. The indicators show negative divergence (red lines), with overbot stochastics, the move is running out of gas.  The green lines show some near-term momo so a stutter step for a week or two may occur but the rally really does need to take a breather and the chart says it's time.  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.