YTD wedge forming on the SPX. Taking into account the news coming out of the US, with back and forth going between the North Korea and Trump and the rallies around racism and increased volatility, a downturn seems likely. There is also rising P/E multiples which are being called unsustainable by many people in the industry, and even the famed 'FANG' stocks are starting to falter.
The technicals support this, and I believe that once the diagonal support line is broken we will start the see a big turn down to the other trend line on the graph.
The technicals support this, and I believe that once the diagonal support line is broken we will start the see a big turn down to the other trend line on the graph.