near prior chart resistance at the SPX 2757 area, illustrated in my prior post
Before the SPX open on 3/9/18 it appeared the SPX was headed into this area and I expected a near term peak.
Unfortunately I did not examine the 15 minute which was at its highest point since the most rerecent rally that began on 3/2/18.
I posted in January that when the is at its highest point - that most of the time it is a indicator.
Regardless of time scale stock indices and individual stocks almost always have tops with divergences.
On 8/9/18 as the SPX rallied into the , the 5, 15, 30, and 60 minute all were at their maximum level
from when the rally began on 3/2/18. Please see the boxed area on the 15 minute . Only the 1 minute had a divergence, this signaled what turned out to be a 5 minute SPX decline prior to a move well above SPX 2757.
For a larger move down there would need to be divergences on reading above the 1 minute time scale.
Note the prior SPX near term peaks on the 15 minute chart and there corresponding divergences.
The is perhaps the most predictive momentum oscillator, and needs to be examined on all time scales.
It cut's across all markets, and it's a very important divergence indicator that should be used in all markets/ time frames,
to confirm price
Note this past week, The Nasdaq Composite ( $COMPQ ) has made new historic all time highs on 3/9/18,
yet the Daily RSI at 52, is nowhere near the 80+ reading it had for the prior historic highs in Jan and Feb.2018
Major Non-Confirmation/ Divergence on the ($COMPQ) !
Hi thanks for the comment.
Also your correct about the Nasdaq. Not only does it have a RSI bearish non confirmation, this
index so far in the US stock Market is only confirmed by the NDX and XLF - Tech sector - ETF.