| S&P 500 - monthly trend |
 |
The S&P 500 weekly trend has started on July 1st at 1010.91 and gained more than 20% reaching 1219.80 on Wednesday October 13. The trend is forming an ABC zigzag chart pattern. The price is near the trend resistance.
Daily Williams' Percentage Range and Lane's Stochastic are overbought while weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Monthly Williams' Percentage Range is strongly overbought for the first time since October 2007.
More than a half of S&P 500 members have overbought weekly Lane's Stochastic and more than 60% have overbought weekly Williams' Percentage Range.
More than 20% of S&P 500 index members made a new 52-week high, while 15 of them closed this week below the previous week's close. This event is called a "buying climax".
The S&P 500 members MACD bearish/bullish divergence ratio is 87/2. It means that 43 times more S&P 500 members have MACD bearish divergence than the bullish divergence. The Lane's stochastic bullish/bearish divergence ratio is 53/2.
The S&P 500 technical indicators are pretty close to the beginning of October 2007, just a week prior the beginning of the bear market of 2007-2009.
