The weekly chart shows an index that is still rallying. The MACD and RSI are still increasing, the 10 and 20 week EMAs have moved through the 50 week EMA and prices are in an uptrend. However, also notice that the chart is printing some weak candlesticks that tell us prices aren't moving higher as strongly as we would like in a rally.
The daily chart shows increasing weakness. First, the MACD and RSI are decreasing. In addition, both indicators have printed a decrease while prices have increased. This is the type of divergence that traders look for in a reversal.
