Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
SPX weekly chart shows the rising wedge, overbot conditions and negative divergence that wants to see a price spank down moving forward. The RSI wanted to see a matching high this week with price and yesterday that was satisfied although the S&P futures point towards some additional buoyancy to start today. The SPX may want to print in the apex of the wedge which is the 1570-1576 zone. The 1576.09 is the all-time high from October 2007. The bulls are at lofty heights with the price and moving average ribbon at the best levels possible with the price above the 20-week MA above the 50-week MA above the 200. It does not get any better than this. Projection is that the broad indexes are topping out currently. A week or two of sideways is not unreasonable but lower markets are anticipated for the weeks ahead with price moving towards the lower brown trend line at 1470-1500. 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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