SPY Rising WedgeSPY forming a bearish rising wedge here on a larger time frame after strong buy side pressure has brought the index to all time highs.
We have left a gap below us around 5640 and we may see this fill in the near future.
Currently I see strong support below us at the CC golden pocket retracement zone at the daily 5400 zone. This correction may occur as market participants de-risk moving into elections.
I would welcome a nice pullback of 6% - 7% to this zone and add to my positions.
To me, this may be the last local pullback before a big rally post election.