SPX Weekly Chart Upward-Sloping Channel

Price continues bumping along inside the upward-sloping channel. The two price peaks in May and August are spanked lower by the upper trend lines and the negative divergence (red lines).  The indicators are weak and bleak printing lower lows both near-term over the last couple weeks as well as short-term over the last 3 months. The RSI and money flow are already lower than June's market bottom which hints that a test, if not lower numbers, should print at 1560 at some point in the future.  Price also received a smack down from the upper standard deviation band (pink line) and should move to the middle band (1643), at a minimum, and typically the lower band (1564). Price is now testing the middle band, that is also the 20-week MA at 1642.57.

The lower trend line of the channel is 1560-1590. Lower band 1563.82. The 50-week MA is 1540.45. The 200-day MA is 1562.18. The 10-month MA is 1557.76.  Do you notice a theme? The 1540-1590 support area is begging for a test as time moves along; this is where an epic market battle is likely. The negative MACD line cross (blue circle) is very negative for the markets moving forward. The bulls reversed this cross in July, only for the cross to occur again in August, now starting to gain steam to the downside. September begins today and the SPX is set for a big pop from 1633 to 1649 at the opening bell.  Projection is for lower prices moving forward. 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.