Skipper86

SPX Monthly RSI Channel and Overbought Divergence

Short
SP:SPX   S&P 500 Index
There is a downward channel in the monthly RSI and RSI has bounced off the underside of the upper channel line. There is also RSI divergence in overbought territory, however, a failure swing (lower low after lower high) has yet to be established so being short right now is aggressive. There is also a rising wedge, as noted previously.

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