SPX S&P 500 Weekly Chart

The SPX weekly chart shows the big spike higher in price over the last five weeks, up 4 of the last 5 weeks. The indicators are negatively diverged across the board (red lines). The chart is not enthusiastic about higher stock prices for the weeks ahead. The short term momentum may create further upside but currently the thinking is that it will peter out. Stochastics are overbot wanting to see a pull back.

The ADX shows that despite that strong move from February to present, the rally is NOT a strong trend higher. If it was, the ADX would be at 30 or 40 now. The weekly chart does not agree with Wall Street's rampant bullish predictions for stocks ahead. Neither does the monthly chart. Global central bankers create the stock market rallies and rallies. Last week the ECB pumped stocks higher with QE. In June, the BOE was doing the money printing. Earlier in the year, the Fed and BOJ were pumping markets higher. The central bankers are the market. 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.