Lots of near-term negatives for the overall market now, as seen in the chart of the S&P 500. It's now in a (red) resistance zone where increased selling is likely to kick-in. It's near its declining 50-day moving average and nearing the top of its Bollinger Band. The RSI is overbought and the MACD's histogram has flattened out.
What does it mean when the MACD has flattened out?
Here is my response which I think I have learned from Sean.
If you look at October through the present closely, you can see the relationship between the histogram and the movement of the MACD lines. Where Sean has drawn a red line on top of the histogram it appears the arc of the histogram is flattening out which probably indicates the MACD is going to turn down, maybe even have the dark line drop below the red line as they curve down. Look at the formation just before that where the histogram has a sharp "V" bottom. Notice the MACD lines have a similar "V" bottom at about the same time as the histogram or just shortly after.
Thank you for showing us this.
About to bump it's head on the top of that bollinger band. That plus the resistance level .... let's not be Debbie downers lol. Wait I forgot ... also in a wave 5 of elliot wave.