SPX Weekly Chart Rising Wedge Overbot Negative Divergence

The SPX weekly finally receives an initial spank down from the negative divergence. Price recovered, however, and a doji candlestick is printed. This indicates a potential trend change, which would be down, but the new week has to show follow through to the downside to confirm the trend change lower.  The move up is long in the tooth. Even if a jog move occurs over the next couple weeks, the projection is down to test the bottom rails of the rising wedge. The green dot is the 1460-1464 landing zone discussed this morning with other charts. The new week is critical for bears. If there was a time for the markets to push lower, it is now. In recent days, the charts have shown many stocks and indexes falling out of their rising wedges, in all different time frames as well, daily charts, minute charts, hourly charts, etc...  All patterns work across all time frames. When price eventually collapses out of the rising wedge above, it surely will create a sustainable down move to far lower numbers than any analyst expects. For now, the top is still being sorted out. Projection is a move to test the low 1460's over the next month or so. 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.