SPX has been in a clear pattern of lower highs and higher lows on the Weekly since the big bear break in early Feb, and a break of the pattern is expected soon. Since this pattern has played out for 3 months, I am expecting the break of this pattern to guide momentum for the rest of the year.
A break of 2720(with volume) will indicate a bull break, and a break of 2610(with volume) will indicate a bear break.
It is also important to confirm breakouts with
DJI, which is forming a similar pattern, and 
IXICwhich is forming a possible H&S.
A break of 2720(with volume) will indicate a bull break, and a break of 2610(with volume) will indicate a bear break.
It is also important to confirm breakouts with
DJI, which is forming a similar pattern, and IXICwhich is forming a possible H&S. Note
Judging by price action on DJI, it appears that yet another higher low (and potential lower high) has been set on SPX.Also will be important to note the reaction to a potential change in the federal funds rate by the Fed tomorrow.
Note
Tightening Pattern on SPX is now getting extremely tight.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.