At least on the basis of raw RSI divergence: the SPX looks like it's about to fall. Hugely.
1) Currently testing resistance-turned-support at 3300
2) Enormous, aforementioned RSI divergence visible on the monthly
3) Gigantic symmetrical broadening wedge pattern puts target at approximately 2250. (33.3% fall from here).
I know. Sounds... big. But admit it, it could happen.
Stimulus from US Congress ain't happening. And consider the Federal Reserve is basically out of bullets at this point (with the exception of Negative Interest Rates, and directly buying stocks from US companies). So they may not be able to stop this fall.
1) Currently testing resistance-turned-support at 3300
2) Enormous, aforementioned RSI divergence visible on the monthly
3) Gigantic symmetrical broadening wedge pattern puts target at approximately 2250. (33.3% fall from here).
I know. Sounds... big. But admit it, it could happen.
Stimulus from US Congress ain't happening. And consider the Federal Reserve is basically out of bullets at this point (with the exception of Negative Interest Rates, and directly buying stocks from US companies). So they may not be able to stop this fall.