SPX doesn’t seem to miss many opportunities to just lie down and take a nap for awhile these days, and Wednesday and Thursday were irritatingly action free, but the thrust up from the triangle has finally got started today. SPX has come close to the ATH retest at the time of writing, and may make it before the close, but regardless of that we should see that full ATH retest and the two main options after that are either a marginal higher high and fail, or a move up to rising wedge resistance with resistance on both the large and small rising wedges currently in the 2312 area.
I’m favoring the latter option as the that gives time for both NDX and RUT to retest their all time highs as well. Either way the swing high should be in by the close on Wednesday. SPX 60min chart:
SPX daily chart:
Stan and I are doing our monthly public (and free) Chart Chat at theartofchart.net on Sunday looking at the usual wide range of trading instruments over a broad range of markets. As ever we will be looking at the higher probability paths on price for these and, while we are forecasting just using math rather than magic, unlike those amazing twitter guys who are never wrong, we are nonetheless right a lot of the time. If you’d like to attend you can sign up for that on this page here. Everyone have a great weekend 🙂