S&P 500 Hits ATH, Momentum Divergences Flash Warning
$S&P 500(.SPX)$ made new all-time highs, perfectly tagging the W5:W1 Fib ratio — exactly as the alternate bullish path anticipated.
However, double SMT divergences are now present, suggesting this rally is marginal with index momentum fading.
Key Levels:
• First bearish Indication: A close below 6910 signals the immediate trend is weakening.
• Confirmation: Bears need a Daily close below 6816.
Until 6910 is lost, we may see a drift higher or choppy action due to the shortened holiday week. Once 6816 gives way, we look for a Wave 1 decline.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $NASDAQ(.IXIC)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2603(NQmain)$ $NASDAQ 100(NDX)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$
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