S&P500 weekly chart analysis

A look at the weekly chart :

  • The last 3 times RSI touched/crossed 70, ze got a pull back of SPY
  • We closed the week above RSI 70, turning to the downside
  • Weekly close of SPY was negative
  • However, we have the 50dMA breaking the 200dMA, also called the “golden cross”, suggesting we could break upwards
  • Conclusion : a pull back for another 2 or 3 weeks before continuing the uptrend ?

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