S&P (short term) outlook
White lines are the rising wedge pattern
Yellow line is the split in the channel.
I highlighted in green circles the rejection everytime channeltop was reached. We're at the point of rejection again. As this wedge range gets tighter you can expect more volatility like you saw Thursday and friday. Now lets look to the week ahead for a catalyst for the next pullback.
Tuesday you have
1.CPI (Consumer price index)
2. Bank earnings
3. 10 yr yields tanking more?
If 2 of 3 mention before reports negatively it could be enough to pull the S&P back into split channel support.
On the other hand, could this break out of a wedge and ascend higher? I doubt it. My reasoning being is the lack in Volume which means although nobody is selling , limited institutions are committing more capital in these new ATH rallies.
Good luck
Yellow line is the split in the channel.
I highlighted in green circles the rejection everytime channeltop was reached. We're at the point of rejection again. As this wedge range gets tighter you can expect more volatility like you saw Thursday and friday. Now lets look to the week ahead for a catalyst for the next pullback.
Tuesday you have
1.CPI (Consumer price index)
2. Bank earnings
3. 10 yr yields tanking more?
If 2 of 3 mention before reports negatively it could be enough to pull the S&P back into split channel support.
On the other hand, could this break out of a wedge and ascend higher? I doubt it. My reasoning being is the lack in Volume which means although nobody is selling , limited institutions are committing more capital in these new ATH rallies.
Good luck
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