S&P- Like BTC, is also not looking good

S&P could be showing signs of weakness if it cannot get above its resistance at 286.6

We have bearish divergence on this 4hr RSI from top to top

We have a double top

We have a large Ascending Wedge

And another Ascending Wedge within the larger one which should break down soon

We also show very low volume as the S&P was trying to reach that double top

Be careful, there could be a bearish domino effect that is produced if S&P doesn't get above its resistance at 286.6

Interestingly enough, Bitcoin is also in a situation where it could easily domino effect into a phase II bearish market cycle. I think there have been some interesting comparisons (correlations) with S&P and Bitcoin where Bitcoin led S&P by a month, but very similar movements. So we could see something like once BTC breaks below 5700 and starts its second downfall and then a month later S&P breaks this bottom red trend line and then everything is in free fall. Just Speculating
Negative divergence is only valid if you make a higher high with regards to price, in this case we didn't even equal the price where you started your RSI analysis. With respect don't force divergence if it's not there. We have to be as objective as possible.
@TNasr, Thank you for pointing this out, I agree with you and realize this now looking at the chart. I also feel like my volume analysis was not on point. On lower volume I am not seeing signs yet for reversal. I would need a high volume candle to look for exhaustion and reversal. Please comment if you would like to this as well.
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