S&P500: Extremely overbought & at the top of the 4 year Channel

S&P500 remains overbought on its 1W technical outlook (RSI = 72.471, MACD = 227.460, ADX = 37.787) with the RSI above 70.000 for the 3rd straight week. This overbought streak along with the fact that the price hit the top of the 4 year Channel Up, are making us sceptical over the continuation of this run. According to this pattern, we are looking at a -6.78% pullback at least (TP = 7,100). If the index goes as far as to cross the 1W MA50, expect a 1W MA100 test (TP = 6,600).


## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##