S&P Futures weekly chart review4/27/2025
Outside up bar last week needing continuation. Notice the bear bar of 2 weeks abo triggered
and then reversed, trapping sellers. Buyers below.
Outside up bars are expanding triangles.
Likely we pulllback into the range of the bar, reverse and close above the bar.
Good probability of trend continuation up. Momentum is strong, even though this is a second
leg reversal back to a breakout point.
For the bulls, the best case scenario is an initial selloff, then reversal and back up
to form a 3rd leg of a wedge. But after that, likely to go back down. The bear channel
down was strong, and bears will want a second leg, even if it eventually forms a failed flag.
I view the corrective move down as 17 weeks, so likely 8-9 weeks of sideways to up,
of which we are in week 3. So likely more time of sideways to up.
So - expecting an initial selloff, then higher prices leading to another leg down for the bears.
There are sellers above, and buyers below. Best case for bears is eventual trend resumption.
Best case for bulls is a failed flag formation and back to new highs.
