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The rising wedge on SPX/ES that I posted on Monday morning still looks fine and the obvious next move is a retracement into wedge support, currently in the 2042 area and rising at about 20 handles per day. With open 15min and 60min sell signals, that wedge support could break. SPX 60min chart:
The ESZ15 market closed another week up last week, this is the 4th week up in a row. By historical statistical means, it is not very common to see 4 or 5 weeks up in a row (or more). To give you and idea the most common pattern is one-two weeks up, followed by 1-2 weeks down. Obviously this does not happens ALL the times, but it does happen quite often.
Let’s have a look at the ES WEEKLY chart below, for the last 2 years, we have put a red arrow on top of each WEEKLY Close that was of this type:
1 Week up, then reversal next week (negative weekly Close/s).
2 weeks up, then reversal next week (negative weekly Close/s).
