S&P could be showing signs of weakness if it cannot get above its resistance at 286.6
We have bearish divergence on this 4hr RSI from top to top
We have a double top
We have a large Ascending Wedge
And another Ascending Wedge within the larger one which should break down soon
We also show very low volume as the S&P was trying to reach that double top
Be careful, there could be a bearish domino effect that is produced if S&P doesn't get above its resistance at 286.6
Interestingly enough, Bitcoin is also in a situation where it could easily domino effect into a phase II bearish market cycle. I think there have been some interesting comparisons (correlations) with S&P and Bitcoin where Bitcoin led S&P by a month, but very similar movements. So we could see something like once BTC breaks below 5700 and starts its second downfall and then a month later S&P breaks this bottom red trend line and then everything is in free fall. Just Speculating
We have bearish divergence on this 4hr RSI from top to top
We have a double top
We have a large Ascending Wedge
And another Ascending Wedge within the larger one which should break down soon
We also show very low volume as the S&P was trying to reach that double top
Be careful, there could be a bearish domino effect that is produced if S&P doesn't get above its resistance at 286.6
Interestingly enough, Bitcoin is also in a situation where it could easily domino effect into a phase II bearish market cycle. I think there have been some interesting comparisons (correlations) with S&P and Bitcoin where Bitcoin led S&P by a month, but very similar movements. So we could see something like once BTC breaks below 5700 and starts its second downfall and then a month later S&P breaks this bottom red trend line and then everything is in free fall. Just Speculating
