S&P 500 SPX SPY ES1! Breadth (S5FI) & (S5TH) - Updated 011623

Looking at the latest S&P 500 SPX (SPY ES1!) "Breadth" data, including Stocks Above 50-Day Moving Average (S5FI) & Stocks Above 200-Day Moving Average" (S5TH) — this is yet another indicator that we have been tracking since the start of the market downturn (correction/bear market) in late 21' / early 22' as it has helped to signal buy/sell signals.

Here's what you'll find on this chart: 📊

Top Section

• Stocks Above 50-Day Moving Average (S5FI) = Blue Line: *CHART NOTE* Pay close attention to the horizontal (Blue Dotted Line), which signals/coincides with relative tops in breadth that match the SPX resistance.
  
• Stocks Above 200-Day Moving Average" (S5TH) = Orange Line: *CHART NOTE* Pay close attention to the horizontal (Orange Dotted Line), which signals/coincides with relative tops in breadth that match the SPX resistance.
  

Bottom Section

• S&P 500 SPX (SPY ES1!) = Teal Line
  
• Support/Resistance (Bear Flag Pattern) = Vertical Red Lines
  

Pay close attention to the (Red Dotted Lines), as these mark relief rally tops in the SPX (SPY ES1!). Conindiencely enough, these "alignments" of technical signals closely match the resistance (Red Line) that is now sitting around $4,000 S&P 500 SPX (SPY ES1!).

What do you think about this S&P 500 SPX (SPY ES1!) contrarian (sell) indicator? 📈📉

Let me know your prediction in the comments below! 👇🏼