S&P 500 IndexShort
S&P 500 ADX Bearish Divergence
Updated
Daily chart is showing a possible bearish reversal due to the divergence between the current trend and the ADX indicator. The Stock RSI is also showing a strong overbought signal (94.4,92.34), which usually proceeds with downward movement.
One thing to mindful of is there appears to be a possible TK cross on the daily, which would usually imply a strong bullish reversal. But so far price has been unable to close past the monthly kijun-sen.
One thing to mindful of is there appears to be a possible TK cross on the daily, which would usually imply a strong bullish reversal. But so far price has been unable to close past the monthly kijun-sen.
Note
Price has hit the daily kumo and rejected. Now looks to testing the monthly kijun-sen.
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