S&P500: Caution. First bearish signal detected.

S&P500 has been on a very strong bullish trend since the bottom made in December. On 1D it entered a Channel Up (RSI = 65.879, MACD = 44.180, Highs/Lows = 4.6120) that recently approached overbought stochastic levels. The first bearish signal was the break of the Rising Wedge's supporting trend line that holds since the December bottom. If the 0.5000 Fibonacci retracement level breaks, it will be the first time on the 1D Channel Up pattern this will happen, as all the previous tests provided the necessary support for a new Higher High. If 2,765 breaks then we will most likely see a pull back on the 1W scale, testing the 0.382 retracement level at 2,624.







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