SPX S&P 500 Weekly Chart; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation; Price Extended

The SPX weekly chart is in its last throes. Note the universal neggie d (red lines) except for that MACD line that wants to see price come back up again after it jogs lower for a week and that top a week or two out will be the top. However, Friday has yet to play out so that last candlestick is in progress. If we get the spankdown beginning tomorrow, the MACD could drop to where it is neggie d and the top would be in on the weekly chart tomorrow. The SPX is set up to move lower for several weeks.

The SPX 2-hour and daily charts are set up with universal neggie d so spankdowns should begin in those time frames. The weekly will oblige since the indicators are also neggie d, sans the MACD. Keep an eye on that MACD. This garbage stock market has needed to correct so when she retreats it may be quite hard. That rising wedge is ugly. Price can be at the bottom of that wedge in quick order.

The SPX prints a new all-time record high at 3861.45 on Thursday, 1/21/21. We now see if it is time for the swan song, and then swan dive. Perhaps a Black Friday? Maybe a Black Monday?  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.

Note Added Friday Morning, 1/22/21, at 6:34 AM EST: The bulls keep running on Wall Street. BNP Paribas analyst Daniel Morris says stocks are not behaving like prior bubbles. He dispels all market negativity. Morris proclaims that equity markets are "not as frothy as some suggest." He touts the standard line that "there is a lot of money on the sidelines." Morris wants you to go long without hesitation. Are you going to do that? Neuberger Berman's Steven Eisman proclaims, "I'm pretty long about as long as I can be." Everything is all bullish all the time these days. Bloomberg's Tom Keene says he criticizes anyone providing short ideas currently. MS strategist Mike Wilson proclaims "a powerful recovery... small caps will move higher ....markets are healthy and broadening out.... it is a new economic cycle."  Wall Street is a city of bulls, folks. All the bears have left town. Even bulls that opine about stocks pulling back say it will be a great buying opportunity. Every day is a Good-day Sunshine. Trade accordingly.