Weak mortgage applications print... VNQ about to head south?

The mortgage applications print today was somewhat rough and represented an overheated market that's priced out the average citizen homebuyer. Mortgage apps actually declined in growth while building permits exceeded expectations. We can see that VNQ has been highly rangebound since the Covid rally and has failed multiple times to clear local highs at 107. Extremely bearish divergence for the better part of a year and MacD suggesting that any bullish pressure has been completely exhausted. I have no VNQ position but I expect to see this bear trend continue!

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The bearish divergence is in reference to RSI, just to clarify. Marked by dotted line