Getting Close Now

By -

SPX is approaching wedge resistance and broken trendline support, and those should intersect in the 2130 area tomorrow or Friday. Ideally the next short term high will be made there in that timeframe. I’m not expecting any overthrow because I’m expecting this high to retested and exceeded within a few weeks. That is when we may see an overthrow as SPX tests main resistance somewhere (by then) in the 2150-2200 area. SPX daily chart:

150225 SPX Daily Rising Wedge

(more…)