S&P 500 (SPY)
Taking another look at the S&P 500 has led me to this rising wedge pattern that seems to be a little more apparent after this week’s trading action. The S&P 500 was down about 1.3% this past week and has virtually gone nowhere since April 9 at this point, so one hasn’t “missed” much of anything. However, I think that is about to start changing. The RSI is flattening out, and even showing signs of weakening. Meanwhile, a rising wedge pattern is bearish and suggests a pretty sizeable decline may soon be coming for the S&P 500, back to gap a fill around 2470.
S&P 500 Index - Daily Chart
Source
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