SPX has had a nice move up from the touch of rising wedge support at the close last Friday. That formed a small rising channel that broke down yesterday afternoon. Bears have a shot here at breaking rising wedge support, currently in the 2096-8 area and multiple sell signals are suggesting that it may well break here. SPX 60min chart:
On RUT the high yesterday was a touch of already established rising wedge resistance and there are multiple sell signals there too. The obvious next big target is rising wedge support in the 1157 area. RUT 60min chart:
Bears have something to prove here. The setup for a high here looks good but the uptrend is intact until we see a break below rising wedge support on SPX. We’ll see if bears can manage that today.
