ORIGINAL POST: 9:15 AM
The futures show how perfectly balanced things are at this level — with a step in either direction being very significant.
We tagged the IH&S target created back on June 19 yesterday, creating a double top after having broken the fan line off the Oct 2007 top.
We appear very likely to hit yesterday’s target of 1408 – 1410 on SPX after the open. If it can hold those levels, we could see another leg up in the rising wedge. If it breaks, look out below.
More in a few.
UPDATE: 9:35 AM
SPX had no trouble reaching our target range on the open. Note that we have three chart features in play at the moment: the rising wedge bound, a back test of the fan line (purple, dashed) and a little trend line drawn under the prices on the 60-min chart.
continued…
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