SPX is testing the rising wedge resistanceÂ
SPX is testing a strong upside resistance marked by a horizontal line and a sharp long-term rising wedge 4000. Based on the price action here it will continue rising wedge consolidation between 3800 and 4000 until a breakout or break higher. If we see a confirmed price action break above 4000 it could continue to 4700.
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On the weekly chart, we can see that SPX is testing also the medium-term rising wedge resistance and is still indicating a strong upside momentum so we can’t exclude the 4050 test.
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