SnP 500 Views!!!

Given below is the SnP 500 weekly chart; a very laborious rise with tight small candles. With price stalling at the 50% fib resistance and yet another major psychological resistance overhead, in the form of 200 periods moving average. Things are looking a bit OB now on the charts and with MACD Histogram also showing divergence 1150 looks a good resistance overhead. Time for a breather here and consolidate?

And now the daily chart below;

A few discerning things noticed from the chart above; the medium term TL already under pressure, and we have a wedge of sorts (shaded), lengthy negative divergence on the indicators all hinting at a drop here, but yet to be confirmed by PRICE! This can be a normal breather with price falling till 50 periods moving average at 1095 abouts…real weakness sets in if we now fail to make a new high and then proceed to break those multiple lows (see ellipses)!