BullBear Trading: Stock and Financial Market Technical Analysis

Mr. Cardwell, I would appreciate getting your view on this daily chart of the SPX . What is RSI telling us about this market?

Here we have a downtrend in RSI with lower highs and lower lows as the market has made higher highs and higher lows. My inclination is to interpret the entire blue shaded period as a running correction of the overbought condition from early August and that a new upleg is about to commence with RSI breaking out of the downtrend. Does this run contrary to your interpretation of RSI? Are there various ways to interpret this current setup or is RSI saying something strong, based on past precedent, about this market?

Thanks Andrew!

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