SPX Weekly Chart Upward-Sloping Channel Rising Wedge Ovebot Negative Divergence Price Extended Doji Candlestick

Same-o stuff with the SPX weekly. This chart has been posted a few times in the last month ever since the negative divergence started to lock in place. The red lines show the firm neggie d wanting to see a slap down and sideways to sideways lower prices for the weeks to come. Note that the money flow was trying to print some new upside juice over the last month but was only able to print a matching high and now heading lower again. The chart screams for a heavy smack down but the bulls keep equities elevated with help from the two rich uncles; Uncle Ben Bernanke and Uncle Haruhiko Kuroda (Fed and BOJ central bankers, respectively, that print money to make the rich richer, keep the stock market elevated and benefit their wealthy friends). Aunt Janet is now showing up for the daily upside party to lead the bullish euphoria.

The pink dots show how price is far extended above the moving averages requiring a mean reversion. Price has not touched the 50-week MA in 15 months and the 200-week in 28 months. The rhythmic ratcheting of a wooden roller coaster slows in tempo as the car approaches the peak, and then it feels as if you are floating in space, if only for an instant, before the downside whoosh occurs. Markets are at that peak, floating in air, the upside ratcheting is done, gravity is taking over, the thrilling part of the ride is about to begin. Watch your wallet. 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.