The spx weekly chart seems to be trapped in an annoying range. The whole time many pundits and analysts are saying the market will rise or the market is about to crash, the market spat in their faces and has not really been doing much at all.
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We will note that weekly chart seems to be wayyyy overbought here, and volume is lacking on positive days, previously that has been a warning sign.
Technically if we get below the 1550 level on the SPX that will bring in more sellers, and as we are in overbought conditions the sellers could come in hard and fast. However seasonally we are in April that can be a slow time in the market. Normally things start to heat and move more freely in MAY.
|spx weekly chart|
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