$SPX - Overbought or Trendline Breakout?
Technical Analysis (TA)
The daily chart momentum indicators are showing signs of SPX being overbought with 1 of 3 indicators on the weekly showing early signs of being overbought.
We are testing the descending line and there is a possibility of breakout or rejection here.
With daily indicators being overbought a dip to 4080 would be welcomed to reset the indicators for a push above 4200 with more momentum than we are currently experiencing.
The daily chart momentum indicators are showing signs of SPX being overbought with 1 of 3 indicators on the weekly showing early signs of being overbought.
We are testing the descending line and there is a possibility of breakout or rejection here.
With daily indicators being overbought a dip to 4080 would be welcomed to reset the indicators for a push above 4200 with more momentum than we are currently experiencing.
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