SPX Daily Chart Upward-Sloping Channel Rising Wedge Overbot Negative Divergence

Price is testing the top rail of the upward-sloping blue channel. The stochastics are overbot, price is at the apex of the red rising wedge, and the indicators are universally negatively diverged (albeit a smidge of juice remaining in the MACD line) forecasting a spank down on tap. The MACD line may create a stutter step sideways taking markets into mid-week then price would be expected to roll over moving forward. The weekly chart is negatively diverged, albeit its MACD line so after a few days of downside, the markets should recover to satisfy the MACD onthe weekly chart then the path to the downside should be much easier.

The red dots show the elevated price levels above the 200-day MA. Price must revert to the 200-day MA as time moves along and considering that the last touch occurred one-half year ago, it is about time. Projection is sideways to sideways lower moving forward for the days and weeks ahead. 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.