SP500 - Daily

Technical indicators are now starting to falter, MACD is almost flat and RSI continues to suggest overbought conditions

The SP500 seems like it may be undergoing a break from the recent rally ahead of some economic data due this week. Currently, the index is trading at around 4,550. A small resistance is highlighted by the mini trendline line shown on the chart, the key level here now is 4,569. A break above this level may see an extension higher towards 4,600. The point of support reads 4,541, which is also the low of today’s session as of now. A break and close below this point may see the index grind lower towards 4,524 then 4,499 and maybe even test 4,487. If we head to the technical indicators at the bottom of the chart, we can see that the MACD’s volume has now almost lowered entirely and the MACD line is almost touching the signal line. Suggesting neutral conditions. The RSI in theory is positive but has now indicated overbought conditions since the 14^th of November, currently reading 69.76.