SPY
Trading in this rising wedge since October. The wedge reaches it's apex near 510 level. SPY likely to peak at 510 area for a retrace to 451-456. If that falls then 436 and 420 likely follow.
Comment:
So far reached 504 area before pullback - now watching 500 retest, if we get over 500 again that will be our sign of a rally to 508-510 before a larger pullback
Trade active:
reached 510 target - nothing to do but trail stops now - pullback likely comes next week back to 503-504
Comment:
pullback to 503-504 came but was bought - we are now back to the top of the wedge again. Likely pullback to 508-509 next week and then can continue higher into 515-520 unless we finally lose a support and start the correction
Trade active:
492 has been reached and we are in continued weakness, the wedge breakdown is active and we have seen a shift in trend to "short the rips"