Markets topped at RSI 50-55 all year
Nothing fancy, US stocks are in a downtrend with downward pressure by a falling 50-week MA.
RSI of 50-55 has been the upper bound of RSI all year and coincided with tops in January, March, and August.
The 200-week MA is still rising and may provide near term support. However, in recessions this support is decisively broken (see 2020 and 2008). Given the velocity of the market downtrend, whether the 200-week MA will be upheld may be answered within the next 6 months.
Markets are chopping lower, navigate markets carefully.
RSI of 50-55 has been the upper bound of RSI all year and coincided with tops in January, March, and August.
The 200-week MA is still rising and may provide near term support. However, in recessions this support is decisively broken (see 2020 and 2008). Given the velocity of the market downtrend, whether the 200-week MA will be upheld may be answered within the next 6 months.
Markets are chopping lower, navigate markets carefully.
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