While overall trend is still bullish, the S&P500, shown here by the ES!1 futures, had overextended, and stalled with an inside candle at the breakout of the (adjusted) Broadening Wedge. Any lower close would mean a break back down into the rising wedge.
The S&P500 has stalled at the earlier drawn Final resistance level as well.
MACD is still bullish, but indicates that momentum sputtered. It is time for a retracement, and waiting for confirmation of break back into the broadening wedge. MACD would need to cross down and price level close below the trailing stop level.
Look out for 2860 as the wedge support downside target, around end June / early July. Meanwhile, expect some volatillity going forward (up and down).
Meanwhile, keep in mind that a failed pattern tends to extrude on the other end, and particularly an ascending broadening wedge typically breaks down. Projections later when we have confirmed break back into the wedge...
Bullish with extreme caution.
Stay tuned, stay safe!
The S&P500 has stalled at the earlier drawn Final resistance level as well.
MACD is still bullish, but indicates that momentum sputtered. It is time for a retracement, and waiting for confirmation of break back into the broadening wedge. MACD would need to cross down and price level close below the trailing stop level.
Look out for 2860 as the wedge support downside target, around end June / early July. Meanwhile, expect some volatillity going forward (up and down).
Meanwhile, keep in mind that a failed pattern tends to extrude on the other end, and particularly an ascending broadening wedge typically breaks down. Projections later when we have confirmed break back into the wedge...
Bullish with extreme caution.
Stay tuned, stay safe!
