It just so happens that SPX tagged the 2020 Bull Run VPOC, 20W MA, and there was another interest rate hike of 75 basis points. I'm not ruling out more upside at the moment. Taking a look at the Weekly RSI and Weekly MACD, there is weekly bullish divergence off the 200W MA, so perhaps there's a run up to the American Midterms to make the current administration look more competent. Additionally, the weekly MACD is a few weeks away from getting a bullish cross. Regardless if we roll over here, or roll over later, still looking for the bottom of Wave 5 of a leading expanding diagonal. Wave 5 is most likely a 5-3-5 Zig Zag that will land SPX below its 2020 Top. Still looking for 3200 before a mega bull bounce.
If SPX continues to push higher, 4150 looks like the next potential pivot (HVN, 100W MA, 50W MA, Pink Supply Trendline, 50% retracement from ATH).
Another reason to be bearish is most big tech stocks look like absolute garbage, and SPX is not going to new all time highs if big tech stocks look like absolute garbage + Wave 5 of leading expanding diagonals are usually the longest wave.
If SPX continues to push higher, 4150 looks like the next potential pivot (HVN, 100W MA, 50W MA, Pink Supply Trendline, 50% retracement from ATH).
Another reason to be bearish is most big tech stocks look like absolute garbage, and SPX is not going to new all time highs if big tech stocks look like absolute garbage + Wave 5 of leading expanding diagonals are usually the longest wave.
Comment:
3rd largest holding in SPX is AMZN. Median line of pitchfork has acted as support/resistance. Bounced off the median line a few months ago, now penetrated right through it. Bearish.