SP500 – Gravity Lesson

The S&P 500 moved higher this week, once again defying a growing list of technical warnings. But markets can ignore gravity only for so long—or at least that is the theory. This week, it may be time for a little Gravity Lesson. In this S&P 500 Weekly Technical Analysis, we dig into the latest candlestick signals, weakening and diverging momentum, my proprietary long-term indicator, key support and resistance levels, and the increasingly important Elliott Wave structure. We also take a brief trip into the dusty archives to compare the current setup with several major market turning points from the past. The rally was impressive, but the technical pressure beneath the surface is becoming harder to dismiss. With September closing in just three trading days and several wave structures approaching critical decision points, the question is no longer simply whether SPX can move higher. The real question is: how much longer…