SPX has been in a clear pattern of lower highs and higher lows on the Weekly since the big bear break in early Feb, and a break of the pattern is expected soon. Since this pattern has played out for 3 months, I am expecting the break of this pattern to guide momentum for the rest of the year.
A break of 2720(with volume) will indicate a bull break, and a break of 2610(with volume) will indicate a bear break.
It is also important to confirm breakouts with
DJI
, which is forming a similar pattern, and
IXIC
which is forming a possible H&S.
A break of 2720(with volume) will indicate a bull break, and a break of 2610(with volume) will indicate a bear break.
It is also important to confirm breakouts with
DJI
, which is forming a similar pattern, and
IXIC
which is forming a possible H&S.
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Tightening Pattern on SPX is now getting extremely tight.
Also will be important to note the reaction to a potential change in the federal funds rate by the Fed tomorrow.