"Mature Rising Wedge" !!
DP Alert: Short-Term Indicators and Mature Rising Wedge Suggest a Downturn
SPX Daily Chart: To expand on the "mature" pattern definition, Thomas Bulkowski nullifies patterns that get more than 2/3 in to the apex. We should see the breakdown soon. If not, the pattern will lose validity. If price snuggles up in the apex, any type of consolidation or sideways move would technically be a break below the rising bottoms trend line. I don't have confidence in a "breakdown" that occurs on a drift sideways. I could see a rally continuing to the intermediate-term declining tops line, if it can first break above the November low. Price closed near the lows today, which, in general, is a sign of a reversal.
Climactic Market Indicators: Looking at the direction of breadth and price, we have a pretty strong negative divergence. The VIX has yet to reach the upper Bollinger Band, but we've seen price drops occur before that happens. Note that, despite a very strong rally off of the December low, no New Highs have been set. Part of the reason is for that is that they hit deep lows and are having to take some time to move high enough.
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