Possible Swing High at 2194

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SPX went and tested possible smaller rising wedge resistance in the 2194 area yesterday and with the break below that rising wedge support this morning, that is now a candidate swing high. SPX 15min chart:

160816 SPX 15min Rising Wedge from 2148

If that high is broken I’m not expecting it to be broken by much. There’s strong resistance in the 2197/8 area and that should hold really. If the 2194 high holds then I have drawn in my preferred option for the way SPX plays out the next couple of months. This isn’t the only option of course, but it could well play out this way. We’ll see how this develops from here. SPX daily chart:

160816 SPX Daily Rising Wedge Scenario

The tape has been desperately boring intraday lately but that’s likely to change soon. The trendline break this morning is suggesting that change may now be starting.