Bull Wedge Consolidation in Stocks

Exactly as we mentioned yesterday, the S&P found support at 3547. This is not only a technical level, but the lower bound of the bull wedge pattern we have been discussing all week. Currently, we are seeing resistance at 3584, a technical level. If it breaks through this, it will see resistance at the Fibonacci extension level of 3632. This seems to be the upper bound of the wedge. Keep your eye on this level for a breakout, but we may retest lower levels once more, so don't be too trigger happy. Bull wedges are not guaranteed to break to the upside, so if we do break down watch 3846.