Slope of Hope Blog Posts

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Ten Handles a Day Uptrend

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I don’t have the pattern for the current move up yet. I have three rising wedge resistance trendline options, and a rising channel option but the pattern will only be crystallised on the next test of the main rising support trendline from the 1980.90 low. That may be tested at the open today, and if so SPX is in a rising wedge that has already overthrown and the uptrend is topping out at the moment.

If that trendline holds then it is rising at ten handles every trading day and this move up will need to accelerate from what we have been seeing so far this week to keep up. SPX 5min chart:

150218 SPX 5min Trendlines

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