[SPX] Price Breaks Under 1D RW RSI Heading DOWN... UH OH!!!
Really not lookin great here. Rest of week is scary.
Price did at least manage to hold in the 5Y Peak Channel bouncing off the bottom 3x but man upside Price Action lookin weak.
RSI Flow Model has RSI bouncing off the top of the 2Y Down Channel (orange). It needed to break solidly above and it failed although it could still bounce again off the 1Y peak downtrend (blue) and make another run at the 2Y. If it breaks under that, the next to watch is the weak local S/R (dotted) and the 3M peak downtrend, which it bounced off of last week (all these RSI lines were drawn many weeks ago).
Maybe we keep wedging the RSI harder into the 2Y for an eventual break up but odds of downside any day lookin high.
VPT RSI also gonna take a run at a pullback cross tomorrow. If we go up, it could delay the pullback till later this week but runway ending soon.
Price did at least manage to hold in the 5Y Peak Channel bouncing off the bottom 3x but man upside Price Action lookin weak.
RSI Flow Model has RSI bouncing off the top of the 2Y Down Channel (orange). It needed to break solidly above and it failed although it could still bounce again off the 1Y peak downtrend (blue) and make another run at the 2Y. If it breaks under that, the next to watch is the weak local S/R (dotted) and the 3M peak downtrend, which it bounced off of last week (all these RSI lines were drawn many weeks ago).
Maybe we keep wedging the RSI harder into the 2Y for an eventual break up but odds of downside any day lookin high.
VPT RSI also gonna take a run at a pullback cross tomorrow. If we go up, it could delay the pullback till later this week but runway ending soon.
Data analyst with a passion for best fit lines B)
