Chart is in a tough place ! The chart is bullish but also has a top formation. Time for a small correction?
Only the future knows !
https://www.marketwatch.com/story/why-this-bullish-sp-500-chart-pattern-may-backfire-2018-07-19
The lack of liquidity in the stock market suggests caution
The green lines below highlight the triangle pattern. The upside target is calculated by projecting the maximum depth to the upside (dashed green arrows). Measured target: 3,074 points. Fibonacci projection resistance lies at 3,047.
My favorite liquidity indicators (labeled “liquidity indicator #1 and #2 in the chart below) failed to confirm the new S&P 500 recovery high. (More information and a track record of the liquidity indicators are available here: S&P 500 Liquidity Indicators.)
The share of S&P 500 stocks above their 50-day simple moving average (SMA) also failed to reach new highs. Chart analysts consider this constellation — where price makes a new high, but associated indicators don’t — a bearish divergence.
Bloomberg
Seasonality and the bearish divergences created by various breadth and liquidity indicators suggest that the bullish triangle breakout should be viewed with a measure of suspicion.