MainStInvesting

$SPX Weekly - Concerned, but fine for now

SP:SPX   S&P 500 Index
272 4 0
Strength in the SPX             weekly is diminishing which is not an immediate issue, but looks like it may be cause for concern later next year. The Monthly chart shows something similar. Longer term charts carry more weight, but it also means he timeframe for a bearish scenario to play out is longer.

Shorter time frame trades for the coming months will be plentiful. Keeping longer (and really multiple) time frame's on your radar help keep current moves in perspective. Take advantage of what the day or swing trade setups give you, but longer term charts help to keep you grounded and understanding that today's action will certainly change.

*I know some don't have an issue adapting, however I've come across many traders/investors who assume today's action is always unique and what is happening today won't change. Just a reminder that this sort of thinking can get you in trouble.
So far, the negative divergence in RSI to price is pressing on the market. Not much is a guarantee, but one of the closest, and most gracious of warnings is divergences in RSI and price. This goes for positive divergences as well which lead to signaling bottoms. Nothing violated completely yet, so "tanking" isn't in the cards right now, but keep watching the developments over the coming months. Trading opportunities in a down market are abundant.
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