Pivotal_Capital

SPX Weekly Chart Overbought

SP:SPX   S&P 500 Index
As 2Q 2018 comes to an end, there is a lot of hesitation and uncertainty in the markets. Since the end of January we have seen incredible market volatility - some days look like a strong bull market, others trade like a bear market. Although SPX closed the week above its 20 MA, the stoch RSI is already signaling overbought and the MACD is on the verge of crossing down. During the trading day today I took quite a bit of risk off - Now holding only NKE , AG, MU, CVS , SBUX , GS and TVIX . It is my belief that markets can only take so much turmoil (geopolitical, economic, etc.) before a correction. This is only my opinion, but I expect the trading range we've been in the last 5 months or so to break to the downside. That could mean a 10% correction, or the next recession. I hope I am wrong (I'm not shorting this market, so I wouldn't consider myself bearish yet, but I am definitely a bit worried). Only time will tell - but thought I'd point out these concerning indicators in case someone out there forgot to look.
did u notice that the daily is slo k is pointing up?
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