Keep a close eye on SPX

23 thg 2, 2021

The S&P500 is reaching the pinnacle of the bearish rising wedge pattern on the weekly chart. We have yet to confirm a local high on the weekly chart however, if we do, this will be the third drive of bearish divergence. It is possible we see a bull trap to retest the upper trendline on the weekly RSI chart first. Watch the trendlines for possible bounce and/or reversal opportunities.