Slope of Hope Blog Posts

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Testing Triangle Resistance – Take #5

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After the strong day yesterday SPX is close to a test of triangle resistance in the 2110 area. If the triangle breaks up, as I’m expecting though not necessarily today, then bulls also need to take SPX over the last high at 2111.91, and then the current all time high at 2119.59. The 50 hour MA, which closed yesterday at 2098, is key support and any significant or sustained break below it would be a warning signal that the bulls might be unravelling for today. SPX 60min chart:

150421 SPX 60min Triangle and 50 HMA