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S&P500 - Risk of bearish price RSI divergence

SP:SPX   S&P 500 Index
Oil             prices have dropped more than 1% at both the sides of the Atlantic and that has dragged down European stocks. Asian stocks were weak as well despite surprise rate cut by Bank of Korea.

S&P 500             is just 0.5% away from record highs and could turn lower from here if losses in oil             result in a weak closing. This is because weak day end closing today would confirm bearish price RSI divergence on the daily chart .

Bearish divergence happening at the top of the current rally and within touching distance from record highs will not be good news for bulls.

Caution advised!
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