S&P 500 IndexShort
Reversal Signal. Higher Highs and Lower Momentum.
It is hovering at the #ATH levels. Which is very bullish. Currently it’s entering into a negative momentum divergence, which means higher prices with lower momentum, it’s like a projectile which still goes up with a deceleration in progress. The stochastic point to Overbought levels. In a trending market it can remain in overbought and keep on going higher; however, the negative momentum is the signal that points to a possible end of this Bull leg. This is encompassed with a profit taking area and trend correction, in line with the end of the 2Q24.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.