The SPX weekly chart has been playing coy. The price action for the rally off the March bottom could be studied technically but the chart could not compare itself to the February high until price made a matching or higher high and that occurs today. The SPX tags 3388 and the all-time closing high is 3386. Price closes at 3380 unable to get the record. The chart indicators can now be looked at to see if negative divergences exist since price made a new high. All are in neggie d.
The MACD line is trying to poke out some shorter term juice. Interestingly, the historgram manages a hair of a new high which is comical since it is the least important of the indicators but nonetheless it is hinting that the top on the weekly chart may take another week. It is wiser to simply expect the US stock market to begin dropping and the sogginess will linger on for days, weeks and months. Stocks will move sideways to sideways lower.
Keep an eye on this chart. If the MACD squeezes out a higher high than February, the major top for the US stock market may be delayed a few days. The neggie d, rising wedge pattern and overbot stochastics are bearish indications. The uber low put/call ratios continue signaling rampant stock market complacency so a significant top is printing currently
The weekly chart prints a double-top or M-Top if it takes the down leg now. The chart above prints a hanging man candlestick today indicating a trend change, however, there are 2 more days in the week so the candle shape will continue to change.
These are historic markets since the SPX charts across the hourly, daily, weekly and monthly time frames are negatively diverged across all indicators. Stay alert. 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.
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