Slope of Hope Blog Posts

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The Next Inflection Points

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I was talking on Monday about the decent looking setup for a lower high on SPX, and so it proved to be. What next?

Well the rising wedge from the early May low has broken down and almost entirely retraced. There is some possible support here, but the trend down day that ES/SPX has delivered so far today may well see 2800 support broken and the next obvious move back into the 2750 area.

SPX 5min chart:

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