SPX Weekly Chart Overbot Rising Wedge Negative Divergence
The SPX weekly shows price up inside the apex of the rising wedge. The rising wedge is a very bearish pattern and the collapses out of the wedge can be quite dramatic. The negative divergence is universal across all indicators. The RSI and MACD linie may have a touch more momo although they do exhibit flat behavior over the last one week period, but the broad indexes appear very close to initiating the move lower, likely at anytime, days, maybe a week or so at most. As always, Chairman Bernanke may show up at a podium and cough which would catapult markets higher. Interestingly, the FOMC two-day meeting is next week and the Fed Decision, Forecasts and Press Conference occurs next Wednesday, 3/20/13 between 2 PM and 3 PM. It appears that the markets are reaching a crescendo just like the movies. 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.
Hey KS. It looks like 1560 is holding and TRIN is in its recent normal 60s-70s range. Thoughts on the next group of upside S/Rs? I apologize if I missed them in a prior post.
ReplyDeleteBK
Well, this is mainly uncharted territory at these levels matching highs in October 2007. The 1557 R was important that created the thrust into the 1560's. The all-time closing high is 1565.15 so that is key today, then 1576.09 the all-time high. Below is 1557 and 1553 support.
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