SPX regularly has runs where patterns repeat and we have a series here at the moment, with a bearish rising wedge from the October low that retraced 38%, into a bearish rising wedge from 1980 that retraced 38%, into a bearish rising wedge from Monday’s low at 2042. Will we see a 38% retrace of that wedge this morning? We shall see. 🙂
On the daily chart yesterday’s close was the first close outside the marked trading range in 2015. If bulls can turn that broken range resistance into support then I would expect to see a test of the all time high within days. SPX daily chart:
