in this analysis we want to explain the situation in SPX chart so let's get into it! first thing is that there is a big rising wedge in the weekly time frame which means the price is about to decrease .another thing is that there is regular bearish divergence (-RD) on both MACD and RSI indicators and also the MACD line has broken the signal line downward ,this is also a bearish signal as well ! And the 1.9 billion coronavirus relief package has it's effect on the market as well the market might become bullish for a little while but after that we should see a stagnation in near future! what do you think? will SPX collapse or not?
Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad.
Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Thank you for seeing idea . Have a nice day and Good luck