Possible Short-Term Top – 08/03/22

Today 08/03/22 the S&P 500 (SPX) had a high of 4167.66 just below a double top made on 06/02/22 and 06/06/22.

The hourly SPX chart courtesy of Trading View illustrates the action.

Both the hourly RSI and MACD have bearish divergences.

Its possible a short-term top could be in place at the 08/03/22 high of the day.

If not there could be a brief marginal  rally just after the  SPX session on 08/04/22.

A  decline could last a few trading days.  

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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