S&P 500:
- Overbought RSI
- Overbought stochastic closed with a crossover last week
- Abnormally high correlation with the USDollar
- At a 1 year minimum ATR
These technicals along with America's politica climate(i.e. ongoing budget problems) , the EU's internal strife and disparity, and Japan's race to devalue the Yen lead me to believe we may be seeing a multi-year triple top forming on the S&P 500. If full on risk aversion kicks in, it would make a lot more sense for the USD to continue up while the S&P drops.
- Overbought RSI
- Overbought stochastic closed with a crossover last week
- Abnormally high correlation with the USDollar
- At a 1 year minimum ATR
These technicals along with America's politica climate(i.e. ongoing budget problems) , the EU's internal strife and disparity, and Japan's race to devalue the Yen lead me to believe we may be seeing a multi-year triple top forming on the S&P 500. If full on risk aversion kicks in, it would make a lot more sense for the USD to continue up while the S&P drops.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.