I’ve been waiting patiently for the rising wedges on SPX and ES to confirm this week with tests of the wedge support trendlines and both have been tested and held so far this morning. It may be that these will hold today and if so, then we might well see a retest of yesterday’s highs.
If wedge support breaks then there is quite a bit to suggest a trend down day today, though nothing fixed as yet. A support break like this would often go directly into a hard spike down, there is an open SPX 60min RSI 14 sell signal that is nowhere near target, the up volume so far at 16% is very low and at a level often seen on trend down days, and the short term buy signals that fixed at the first lows this morning are showing no sign of making target so far. On trend days most or all short term counter-trend buy or sell signals tend to fail. We’ll see.
