The 2-hour chart shows the June bottom and pink bull flag that targeted 1670-1675, which was achieved to satisfy the pattern. We have watched the negative divergence over the last week. The red arrows show the peaks, which are easy enough to forecast, but the Fed's easy money keeps pumping markets higher not allowing any corrections to occur. The red lines clearly show negative divergence that kicked in with a spank down after the high print near 1699 yesterday. The RSI, MACD and stochastics show a weak and bleak posture with lower lows printing as compared to the middle of last week but price remains elevated. This behavior should act as a negative weight on price. Yesterday, the SPX was extended, just like last week, with price above the 20 MA above the 50 MA above the 200 MA, typically indicating tops.
The 1672 support has played a key role over the last couple weeks and may serve as a neck line for an H&S moving forward. A head at 1700-ish and neck at 1670-ish would target 1640-ish. Projection is sideways to sideways lower moving forward. 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.
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