SPX Weekly Chart Upward-Sloping Channel Rising Wedges Overbot Negative Divergence

The upward-sloping blue channel remains in play with price teasing around the center blue trend line.  The red rising wedge and small brown rising wedge are bearish patterns.   The RSI and stochastics are overbot. Despite the higher highs in price, the indicators remain firmly negatively diverged (red lines) and do not want price to move higher, in fact, the indicators want to see price roll over to the downside.  The MACD line has squeezed out a long and strong profile over the last month due to the recent upside momo and may create a sideways jog move before rolling over.

The red dots show the extension of price above the 200-week MA where price has always topped out and reverts to the mean, in this case a move back to the 50-week MA, now at 1452 and rising, at a minimum. Projection is sideways to sideways lower moving forward for weeks to come. 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.