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Short

SP500 Weekly Past Action Price

FX:SPX500   S&P 500 index of US listed shares
35 0 1
SP500             price action is headed for tough resistances. It is currently in a an ascending channel finding support in the line depicted on the chart. This is simple connecting highs and lows points however these points are of relevance.
The last SP500             high coincided with sistematic RSI divergences on the weekly and monthly charts. IT is shown as the last resistance should SP500             continue higher.

I have also drawn on the chart a elliot wave correction pattern A-B-C which normally follows a 5-Wave impulse. The current price action fits the establishment of wave B.

Also and taking a ten year long chart all major high of SP500             I have checked that in all previous SP500             bear markets they have been preceded by RSI divergences. Also when looking at VIX             indicator which is some sort of fear gauge of the market. It can be seen that at the contrary of previous corrections the VIX             indicator has show a spike of the same magnitude of the ones that can also be seen at premisses of other bear markets.

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