Reached 2008 levels, surpassing already the 2020 spike.
Massive RSI divergence on the monthly chart.
RSI as of writing: monthly at 75, weekly at 73, and daily at 81. Very overbought despite the strong momentum.
Comment
nearing all time highs, the uptrend has fallen heavily due to a rotation from megacap to mid and small caps. level to watch: 3.27
Comment
rotation has driven the price to the support line and bounced. We could have 2 scenarios: - megacaps could fall rapidly due to higher volatility in a bearish scenario for both RSP and SPX, throwing the price to 2.08 level - if a rare event should happen (credit events, war, cyber attacks, etc), we could witness a hike to new highs in pursue of big names to protect portfolios
Comment
after the crash, failing to make higher lows, downtrend is on
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