As the SPX nears major Fibonacci resistance in the 2450-2460 area - ***please see my prior posts*** momentum is deteriorating.
Currently there are double bearish divergences on the daily RSI and MACD.
The number of stocks on the NYSE making new 52- weeks highs has been rapidly
deteriorating.
I have three separate Fibonacci time cycles pointing to an SPX turn during the week of 5/30/17 to 6/2/17.
The SPX rallying into this time zone implies a top.
The could be a major peak, holding for several years. More about that in later posts.
Mark
Currently there are double bearish divergences on the daily RSI and MACD.
The number of stocks on the NYSE making new 52- weeks highs has been rapidly
deteriorating.
I have three separate Fibonacci time cycles pointing to an SPX turn during the week of 5/30/17 to 6/2/17.
The SPX rallying into this time zone implies a top.
The could be a major peak, holding for several years. More about that in later posts.
Mark