S&P500: Possible top near 4900. RSI highly unsustainable.
We are not saying that the S&P500 won't complete this market wide desired rally in the last two weeks of the year. Even January could be bullish.
But since the price is approaching the top of the 14 month Channel Up, while the 1d RSI is highly unsustainable deep into the overbought zone at 80.00, the market is most likely positioning itself for a strong technical correction.
The last time the 1d RSI was that overbought was on June 15 2023 and November 05 2021. The latter in particular looks very similar to today.
Both patterns peaked at least 6 weaks after the RSI got this overbought.
New All Time High most likely will be made at 4900 at the very top of the Channel Up in a typical overextension of the market to trap as many late buyers as it can.
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But since the price is approaching the top of the 14 month Channel Up, while the 1d RSI is highly unsustainable deep into the overbought zone at 80.00, the market is most likely positioning itself for a strong technical correction.
The last time the 1d RSI was that overbought was on June 15 2023 and November 05 2021. The latter in particular looks very similar to today.
Both patterns peaked at least 6 weaks after the RSI got this overbought.
New All Time High most likely will be made at 4900 at the very top of the Channel Up in a typical overextension of the market to trap as many late buyers as it can.
Follow, Like, Comment below!
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