On Friday January 19, 2024 the S&P500 hit a new high that is reminiscent of the record high on January 26, 2018. Between November 15, 2023 and December 29, 2023 Stochastic and DeMARK indicators were showing overbought readings for a majority of this time frame. The same overbought readings were observed between November 29, 2017 and January 29, 2018 prior to the S&P500 dropping 9.5% between January 29, 2018 and February 8, 2018. The 2024 S&P500 chart structure shown below is currently in a position similar to where it was on Friday, January 26, 2018. On Friday, January 19, 2024 characteristics of large block trade distributions were observed at the close.
Charts courtesy of StockCharts.com.
