Looking at MACD on the weekly for SPX500 reveals that historically when MACD is negative for as long as it has been recently, SPX500 has crashed further.

Weekly MACD suggests a bear 2016-2017 for SPX500
ESS&P 500 E-Mini FuturesMoving Average Convergence / Divergence (MACD)snp500SPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY)

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