S&P 500: Bearish Pennant
I'm not sure if this is a bearish pennant or ascending wedge, but I think/hope the effect is going to be the same.
We're all probably highly skeptical of the US markets gaining any more ground.
The blue channel dates back to October 18 and held the SPX until March 20 when it broke out as part of its 30% draw down.
I can see that the lower level of this blue channel now acts as a significant resistance at 2955.
The more recent white pennant support line is boxing the S&P into a corner, and it should break out between now and friday!
Lets see what happens.
Adrian
We're all probably highly skeptical of the US markets gaining any more ground.
The blue channel dates back to October 18 and held the SPX until March 20 when it broke out as part of its 30% draw down.
I can see that the lower level of this blue channel now acts as a significant resistance at 2955.
The more recent white pennant support line is boxing the S&P into a corner, and it should break out between now and friday!
Lets see what happens.
Adrian
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