SPX Weekly Chart Shouts "Sell": More Warning Signs Flash as Bullish Momentum Wanes

The S&P 500 appears brewing a pullback based on a confluence of technical indicators and market sentiment, same for other indexes and most of the Magnificent 7.

Weekly Chart for SPX:

Overbought RSI & Price Disparity: The RSI indicator remains elevated, suggesting the price is overbought relative to its recent trend.

Bearish Candle Confirmation: A gravestone candle emerged this week, following an indecisive candle the prior week. This reinforces the potential for a reversal.