Weekly Financial Markets

Markets are trading at pivotal resistances with very overbought condition after six weeks rally as shown on the daily charts: Qs 33.50 upper RST TL, SPX 875 double top formation, DOW 8190 downtrend TL, and Nasdaq 1682 TL. Also, markets are in rising wedge/ED formations which are bearish formations. Markets are overbought on all timeframe showing negative divergences for weeks. After rallying for six weeks with a gain of 30%+ H/L from SPX 666, markets will likely pull back at this point even though market sentiment is extremely bullish; however, since markets are trading with the recent uptrend, until markets are technically showing a pull back, it is better to remain cautious.

Major Market pivots:

Qs	31.50
SPX	850.00
DOW	8,200.00
Nasdaq	1,660.00