spx500 555 target update

FX:SPX500   S&P 500 Index
650 4
Note the time frames previous crashes from peak to rsi mid term of drop. we are overdue.
I think we are past this super bearish point since June 2016.

8 months ago I was as bearish as you are now:

But then we bounced higher:

And China stopped crashing:

And we broke back above the resistance

Recently we made only a much shorter decline below the uptrend channel than I had imagined
It's very curious, this whole thing. There's no reason we should be showing anything bullish right now. I would stay cash right now. This recent surge after the Brexit makes no sense at all and I don't trust it for a second.
ChartArt Incogniteaux
I agree that the spike higher is currently too extreme, but the rally itself had both fundamental as well as technical reasons.

For the technical reasons, you can see here that the S&P 500 bounced on the weekly chart directly from the Bollinger Band %B zero line at 0.5 and from the RSI zero line at 50 and the slope of the EMA 50 on the weekly was bullish near the Brexit bottom, which together was the bullish catapult for the very large move higher:

Here is a Stockcharts chart with these indicators:

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