[SPX] Ready to Crash Out of Rising Wedge.. Resistance is FUTILE!
Seriously though... Resistance above Price is HEAVY.
If Price breaks under this rising wedge and can't reclaim it and then under the 6W peak downtrend (white), we're in store for a bigger pullback.
Not expecting anything major till at least the 26th though.
The real test though is getting under that gap box 3300-3335. If we go below that I think we're likely to hit my green BUY circle.
If we bounce off that well, I dunno. I don't really get the bull case aside from liquidity helping to support Price here. Not sure what keeps it up even if we get an earnings FOMO based on Little League expectations or some watered down 'only for show' stim package before the new congress, still don't know how it can maintain. Best Bull case seems pretty choppy.
I think Market Psychology will inflect from 'stocks always go up' to 'shit I need money and don't want to risk it anymore' and that'll be the end as Big Money jumps on the bear train for awhile.
If Price breaks under this rising wedge and can't reclaim it and then under the 6W peak downtrend (white), we're in store for a bigger pullback.
Not expecting anything major till at least the 26th though.
The real test though is getting under that gap box 3300-3335. If we go below that I think we're likely to hit my green BUY circle.
If we bounce off that well, I dunno. I don't really get the bull case aside from liquidity helping to support Price here. Not sure what keeps it up even if we get an earnings FOMO based on Little League expectations or some watered down 'only for show' stim package before the new congress, still don't know how it can maintain. Best Bull case seems pretty choppy.
I think Market Psychology will inflect from 'stocks always go up' to 'shit I need money and don't want to risk it anymore' and that'll be the end as Big Money jumps on the bear train for awhile.
Data analyst with a passion for best fit lines B)
