S&P 500 trend lines, trading channels, wedges, and some guesses
A lot of TA in this chart, so bear with me. S&P clearly in a rising wedge. Latest rally came up short of resistance line (red box), which is a sign of weakness. RSI touching overbought in 2H. In the MACD it looks like the last rally was above the trend lines (maybe a bit of retail FOMO). There are several options for the S&P over the next week or so. IMO, seems too early to start Wave C of the correction. This bull market has been hard to stop. I have a feeling we will have a moderate pullback and then one more try to touch the orange trend line. The thickness of the arrows is my estimate of the likelihood that the trend occurs.
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End of day update.
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Morning update. Lets see what happens when it gets back to that S/R line and if it will break down or break through.
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