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SPX - Headfake of the Year - Part 2

SPX - Headfake of the Year - Part 2

The current technical conditions are listed below:

1. The price has broken out of the blue pennant , but has not accelerated upwards, increasing the odds that it is a head fake.
2. The price has also broken out of the black pennant , and has also failed to accelerate upwards.
3. Volume has had an inverse relationship to price for the last two months, which is a strong bearish indicator. Volume leads price.
4. ROC has had a direct relationship to price for most of the last two months, but has diverged sharply over the last two weeks. It is now hovering just above zero even as the price closes at new highs, which is very bearish as well.
5. The red line is an area of long term resistance that has existed since September of 2018.

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