The rising wedge from 1871 has broken down and SPX is in the topping process. The setup on SPX and NDX favors a retest of the high as at Friday’s close. This should be the second high of a double top. SPX 60min chart:
There is a possible alternative though. If we see a gap down today and then Friday’s intraday low at 2083.74 breaks down, then I would have a double top breaking down with a target in the 2056 area. SPX 15min:
Looking at the open this could very much go either way. I’ll be calling breaks on twitter (@shjackcharts).
