Although the Bulls are still in control and we are on offense, the chart of the S&P 500 Index below shows some potential weakness and indicates that a possible correction could be just around the corner. I have highlighted negative divergences in 2 areas. The first area is in the Moving Average Convergence Divergence (MACD). We see the price of the S&P 500 Index has reached a new high, but notice that the MACD lines are lower than they were just 2 to 3 weeks ago. That means that the MACD, which is a momentum indicator, did not validate the new highs. The second area where we see a negative divergence is in the Relative Strength Index (RSI). Both of these indicators could be signaling something. This is a daily chart, which is not as strong as a negative divergence on a weekly chart, but if the negative divergence plays out we could be entering a correction in the markets again. Perhaps that is why so many bond charts showed up on our filters and scans this weekend.
I look for these on a longer duration weekly chart. A big MACD convergence almost always occurs just before major correction. It's accuracy has been impressive in the past, with the most recent being just before the Oct-Nov '18 crash.
%% WELL more power to you if you can use that+ make a profit; on QQQ ,OCT crash turned profit on NOV, '18. Ken Calhoun caught AMTD right on a big daily MACD,chart. As far as SPY, looks like SPY is a a buy above 220moving average. NOT a prediction; 1st + last quarter uptrends a e so strong in SPY, QQQ= good buy.................................................................................................................