Everybody can see that rising wedge there....if we follow traditional trading rules, its going to fall big ... but you never know in this market ... its close ... today? tomorrow? or its gonna push it till the 28th? ... everything says it falls, but will it, lets see in short time .....
I wrote about the coming Quad Top resistance point a few days ago (linked to this Idea). I said it would present itself within the next few days and it has done so today. The question is what will occur over the next few days? We have also hit the 200 day SMA again (we bounced off it a week ago). Will we push higher through this too.
As my previous idea stated....
There have been 5 occurrences of quad tops in the S&P 500 since 2000. Each top bounced off a resistance trend line four times. The fourth bounce resulted in steep declines for the index. The index is about to test this theory within the next 3-7 trading days as it nears the trend line on the chart above. Could it be a coincidence? Sure, but what is keeping this...
