Long
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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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.
Related publications
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.