Take a look at the SnP 500 chart below and you can see on the chart to your left (weekly), price is retracing to the 50% fib level and now the indicators also seem to hinting at a pause; a breather perhaps?
The Daily above (right) shows a small DT which gets confirmed only on break of the trough below (till that happens we assume it as multiple top). Initial weakness will set once we start trading below 1080. There is a massive Negative Divergence happening on the daily chart and it gets confirmed by the PRICE breaking those multiple supports courtesy short term trend lines and both the 20 and the 50 periods MA’s. In short (pun intended) a close below 1060 would be a welcome move!!!
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