Bull Wedge Extension in Stocks

30 Nov 2020

The S&P is facing resistance at highs. It looks we called the bull wedge pattern from last week prematurely. we are continuing to see it form, rather than witnessing the break out. Currently, we are seeing support from the level 3617, which intersects with the lower bound of the trendline that intersects here. Be careful, because bull wedge patterns are not guaranteed to break out to the upside. If this goes south, expect support at 3547. If it breaks higher, we can expect the S&P to make a run for 3700, and likely face resistance there, being a psychological level.