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The S&P 500 Index has now rallied right back to the 1110-ish level that marks both the top of the consolidation range from last November and the current 50-dma. I first noted this chart about a month ago when it looked as if the wedge might break down.

Since then, it has clearly broken down and now risen back up to this convergence of resistance, I’m very interested to watch what it does from this point. Like a bodysurfer at the Wedge after a wipeout it may be coming up for air just in time to be hit by another wave.

Disclosure: long SDS