I don’t have the pattern for the current move up yet. I have three rising wedge resistance trendline options, and a rising channel option but the pattern will only be crystallised on the next test of the main rising support trendline from the 1980.90 low. That may be tested at the open today, and if so SPX is in a rising wedge that has already overthrown and the uptrend is topping out at the moment.
If that trendline holds then it is rising at ten handles every trading day and this move up will need to accelerate from what we have been seeing so far this week to keep up. SPX 5min chart:
On the daily chart we saw what was arguably the third day of an upper band ride yesterday, though the upper band was never touched and closed at 2005. That’s likely to close over 2010 today and if we are still in an upper band ride I’d be looking for at least a test of that level today. SPX daily chart:
This uptrend has been moving up solidly but has been slowing down since the 2041 test. If bulls want to hit the 2135-50 targets on this move then this move needs to accelerate today. If not then rising support closed at 2092.50 yesterday and a break below should put SPX in a short term topping process with main uptrend support at the 50 hour MA at 2073 and the daily middle band at 2048.
