Welcome back boys and girls,
Today, we will be taking a quick look at SPX and how I expect it to behave over the next weeks/months.
As you can clearly see, we do have a slow rising wedge , which was recently re-confirmed again after the most recent decline.
A rising wedge is a very simple and clear structure, we want to see bearish signs within it, to be sure that it will break down.
Taking a look at the RSI , we already see a decline there, this is a very clear and obvious bearish divergence.
Looking back, we do see the same bearish divergence structure last year as well, right before the big dump.
Will this time be different? I don’t think so.
Looking at this from a very technical position, not including any fundamentals, I see how SPX would be hitting the green box towards the end of the year, while it might make quick stops at the key-levels on the way there.
Let me know what you think in the comments and if there are any fundamentals supporting this. I am a Cryptocurrency Trader and do not follow fundamentals here. Yet, i had to post this, since the technical view is very clear on this one.
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