SPY warns on technicals

The markets tried a short rally this afternoon, but no such luck, trending down in the last 30 minutes. Based on the weekly chart, we are close to a sell point. 

Click to view larger version.

The red line indicates the sort-term trend with a 13-week moving average, while the blue line is the 34-week moving average. Typically, when the red line is trending down and crosses below the blue line, this indicates a sell signal. 

We're not there yet, but close. The last time this happened was just before the market correction in early 2016. 

Stay vigilant. 


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