The Dow Jones Industrial Average Index (DJI) is also looking bearish. This chart tends to look very similar, almost the same, as the SPX (S&P 500 Index).
The signals coming from this chart goes as follow:
1) Decreasing trading volume. 2) Lower high. 3) Bounce completed. 4) Drop below EMA10 and EMA50. 5) MACD bearish cross while trending lower. 6) RSI broke below 50 while trending lower.
All these are pointing to a drop.
If prices move back up the purple line, there can be another attempt at resistance before more low.
Right now the chart is looking bearish and value can continue to drop.
S&P 500 Index Falling Wedge Broken, Time To Drop? (Chart Signals)
Bullish side and also possible bearish side.
Great analysis master.