Spx wedge break overnight
Diupdate
They broke over the wedge on futures, so I expect a retest and then higher.
With Powell speaking today, a sudden spike down could occur but I still think the 18ma weekly and daily at about 3920-3900 would hold the price as support - no guarantees though. There's a gap on futures at 4020 which should get filled soon, from there it's possible we have ANOTHER move down to complete a triangle or we just get that higher wave 5 over with. These events are hard to anticipate, so please be careful.
I'll be away from my desk today, good luck!
With Powell speaking today, a sudden spike down could occur but I still think the 18ma weekly and daily at about 3920-3900 would hold the price as support - no guarantees though. There's a gap on futures at 4020 which should get filled soon, from there it's possible we have ANOTHER move down to complete a triangle or we just get that higher wave 5 over with. These events are hard to anticipate, so please be careful.
I'll be away from my desk today, good luck!
Catatan
close up of wedge, maybe test is over, hard to tell before open. Catatan
green trendline resistance needs to be overtaken by bulls Catatan
last push up confirmed, Probably push into tomorrow but not much farther. Catatan
expecting resistance at the high of the breakdown candle - 4100ish Catatan
4 hr rsi from the very lows to the very highs in about 3 hours, a warning sign that this pump will not hold for long. Catatan
economic numbers tomorrow at 830 us.econoday.com/byweek.asp
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