The US500 index has been rising within a rising wedge pattern since January 17th. However, this strong bullish trend has begun to show signs of losing momentum as overlapping waves develop.
Overlapping waves are a key indicator of a potential reversal, signaling a loss of momentum. Additionally, the rising wedge pattern itself is a powerful reversal...
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S&P500 is trading within a Triangle on the 4H chart (RSI = 53.651, MACD = -10.000, ADX = 26.709). The price is now testing the 4H MA50 and if broken we expect it to reach the Lower High trend-line. The RSI broke above a 20 day bearish trend-line so we are expecting a break above the Triangle towards the 3,168 Resistance.
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The index is having a week long rally since the 2,180 low fueled by the Fed stimulus package. So far the rise has stopped on the 0.382 Fibonacci (measured from the All Time Highs) and is pulling back.
For the moment this is still within the 4H Channel Up of this week (RSI = 56.474, MACD = 39.010, ADX = 40.896) but if it breaks it should target the 4h MA50 at...
