The melt up we've all seen in SPX does actually "kind" of make sense, before most 10% corrections have happend in the last few years it has almost always had a melt up just before it fell in a rather brutal volatility, which i belive is what we're seeing here.
STOCH RSI indicates to a final 1-2% push, MACD also has room for a final push. RSI is showing a broken trend but if we look back to SEP 2020, it melts up then falls to create a new trend.
(I dont think we'll see a crash just yet, but a bigger correction to then an absolute final push later this year.) This could of course depend on rates and events but this is my map if not.
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It could as well ride the top trend for a few months, but I see it still doing a smaller correction before that then, (should be noticeable).Note
Would you be a buyer here? This is SPX inverted.
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Lets not forget about VIX either, the divergence palace, looks quite ready for a bigger move does it not?
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SPX (1M) In Renko is only thing that still looks pretty good till 4300-400.
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Looking about topped ~now
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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.