S+P 500 has created a Circular Rising Wedge at 2600,
with last week's consistent upside move taking price
right up to the apex of the dome.
Market's have long memories of important significant resistance.
2600 is a very important area for the bears to defend this week.
Successive attempts to breakout above 2600 last week,have shown it to be a significant barrier.
A clean 15 minute Line chart ( As Shown), my favored way to interpret price movement
shows a potential imminent downside price break of the wedge to 2582-2579 Support,
is the technical expected result of this pattern.
Whether price can move any lower
down thru additional support to S+P 2550-2520 should be seen this week,
when the all important 4th quarter earnings for major US bank stocks are released.
Dome Pattern in place could create quick downside acceleration, if bank earnings disappoint.
SPX Last 2596.26
THE_UNWIND
1/14/19
NEW YORK
with last week's consistent upside move taking price
right up to the apex of the dome.
Market's have long memories of important significant resistance.
2600 is a very important area for the bears to defend this week.
Successive attempts to breakout above 2600 last week,have shown it to be a significant barrier.
A clean 15 minute Line chart ( As Shown), my favored way to interpret price movement
shows a potential imminent downside price break of the wedge to 2582-2579 Support,
is the technical expected result of this pattern.
Whether price can move any lower
down thru additional support to S+P 2550-2520 should be seen this week,
when the all important 4th quarter earnings for major US bank stocks are released.
Dome Pattern in place could create quick downside acceleration, if bank earnings disappoint.
SPX Last 2596.26
THE_UNWIND
1/14/19
NEW YORK