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“The trend is your friend” is a famous saying on Wall Street. It's sometimes followed with, “until it comes to an end” and I actually like to look for these turning points. Unlike most traders who are trend-followers, I feel more comfortable with the ends than the trends.

One technical pattern I look for is the ending diagonal (sometimes called a wedge) and on the hourly charts I can see two potential trend-ending patterns. First is the S&P 500: