SPX Bear Trap:AAAAAAAAAAAAAAAAAAHHHHHHHHHHH

Once again just the basics here.

• Support turned to resistance on the price action as shown by the rising purple line.
  
• The current peak is ~$10 lower than the last. Doesn't matter how slight that is, that is, so far, a lower high
  
• The MACD is bearishly divergent
  
• The MACD Histogram is bearishly divergent
  
• The RSI is bearishly Divergent.
  
• The formation is a bearish rising wedge
  

Zooming out a little:

Zooming out a little more and things get interesting.

• MACD has bearish divergence
  
• RSI has bearish divergence
  
• MACD histogram has hidden bearish divergence. Hidden divergences are my favorite, because even when you know about them unless you spend a lot of time looking for them you are libale to miss them. Especially on the MACD histogram. It takes more pateince to see the MACD histogram develop divergence than just the MACD.
  

I forecasts this dips down against the black line one more time, and it might shave and grind against it for a while, and then price action bounces to the bold blue trend line, completing the bear trap.

There is always a chance that this post is too bearish and we continue to the upside. Always use good risk management.