S&P 500's 7,800 Test Follows Four Failed Bearish Setups

Four bearish chart patterns have failed to stop the S&P 500’s advance since March, adding caution to the index’s latest struggle to break above 7,800 as momentum weakens. The index first reached the 7,800 area in late July and has since had difficulty moving decisively higher. It has repeatedly tested its rising 50-day moving average, while the 14-day relative strength index (RSI) has posted lower highs since peaking in May. Comparable technical warnings came before two of the largest market corrections of the past 18 months.

Source: TokenPost