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SP500 Long - Huge Rising Wedge Reversal Pattern Risk
SUMMARY: Long, The SP500 is completely overextended and looks to have an excessive level of greed in the market, however, LONG because the Fed & Gov is supporting the market
Technical looks bearish but fundamentals are driving prices higher.
-- Technical --
There is a rising wedge - bearish signal
BB are pushing along the top of upper bound for months - bearish signal
The candles are way above the Gaussian Channel, should be mean reverting or retesting the top - bearish signal
RSI is drifting into over bought so the Stoch RSI - bearish signal
Slight hidden bearish divergence on the RSI
-- Fundamentals --
I believe the market will continue to rise as the US Government , through stimulus, and monetary policy via the Fed will continue to inflate financial assets.
CNN Fear & Greed Index - 24 (today)
money.cnn.com/data/fear-and-greed/?iid=EL
Please HIT the --->>> "LIKE" and "FOLLOW" button. <<<----
*Not financial advice and is for educational purposes only. Always DYOR.
SO: What do you think? Let me know below.
Technical looks bearish but fundamentals are driving prices higher.
-- Technical --
There is a rising wedge - bearish signal
BB are pushing along the top of upper bound for months - bearish signal
The candles are way above the Gaussian Channel, should be mean reverting or retesting the top - bearish signal
RSI is drifting into over bought so the Stoch RSI - bearish signal
Slight hidden bearish divergence on the RSI
-- Fundamentals --
I believe the market will continue to rise as the US Government , through stimulus, and monetary policy via the Fed will continue to inflate financial assets.
CNN Fear & Greed Index - 24 (today)
money.cnn.com/data/fear-and-greed/?iid=EL
Please HIT the --->>> "LIKE" and "FOLLOW" button. <<<----
*Not financial advice and is for educational purposes only. Always DYOR.
SO: What do you think? Let me know below.
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