Short-term Warning&##x3a; S&P Flashes Weekly DMIcon

Short-term Warning: S&P Flashes Weekly DMIcon

Charles Schaap - February 23, 2021

The S&P shows a weekly DMIcon, which stands for DMI "contraction." The +DMI makes a lower high, the -DMI makes a higher low. This pattern often leads to a "DMI Challenge," meaning either retracement or broad range. 

Added Comment: A weekly -DMI challenge could portend a deeper daily market decline and potential correction.