SPY - short term bear on rising wedge
We're nearing the peak of a rising wedge on low volume and at major resistance at 189.24. This pattern is likely to resolve on 4/3 or 4/4, leading down to 186.97. It's possible that a very good jobs report (due 4/4) could lead to breaking this pattern and going to new highs, but I wouldn't bet on that.
Our next test will be what we gained at 186.97. If we hold there we will be going to new highs; if not, we'll head back down to retest the 184.69 level.
Our next test will be what we gained at 186.97. If we hold there we will be going to new highs; if not, we'll head back down to retest the 184.69 level.
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