S&P 500 Index posted new record level near 14-month rising wedge resistance; extends pullback to relieve overbought condition, targets 50 day MA

S&P 500 Index (SP) posted a new record/YTD high near the 14-month rising channel resistance (from May 2013 high) at 1985.59 before consolidating. Overbought RSI could form potential negative divergence which cautions bulls. Supports rest at 1925.78 near the 50 day moving average (aqua line) which may hold dips. On the upside, over 1985.59 would extend the uptrend towards 2209.2 (equality target of 666.8/1370.6 projected from 1074.8)

SPX daily chart

SPX weekly chart