Slope of Hope Blog Posts

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Watching the NQ Wedge

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SPX has reached my 2025 target and broken it slightly, with the rally high at 2030.70 as I write this. Is this the rally high? Well the rising wedge on NQ says that it should be. I posted this wedge yesterday morning and since then NQ has hit wedge resistance, done a small bearish overthrow, and a 60min RSI 14 sell signal has fixed. The high probability outcome for NQ here is that the next move breaks wedge support in the 4365 area and then does at minimum a 38.2% fib retracement of the wedge into the 4280 area. Once NQ has managed that I’d be expecting to see it go a lot lower. NQ 60min chart:

151016 NDX 60min Rising Wedge