$SPX Triple Top Breakout

INDEX:SPX   S&P 500 Index
612 1 1
Lots of traders wait for and then buy breakouts, which then lead to powerful moves. We could see this on $SPX             before the close of trading this coming Friday. GL
4 years ago
good analysis Curtis. Let's see if this triple top will be a triple top, which means major resistance or was it more a short-term bull-flag ?

The uptrend is certainly intact so far, a break would most likely trigger lots of stops, but stops of shorties may not lead to enough follow-up buying strength.
So, in essence this break out could be a short-lived long trade...

In the bigger picture though, I am very cautious. This nice rally since Jun12 is forming a rising wedge. That wedge is part of a bigger rising wedge since Oct11. And that one is obviously the huge rising wedge since the bottom Mar09. Hence, we are going from one wedge to the next, smaller and narrower, with negative divergences on the bigger pictures. And Volatility is very low / very cheap. It is a matter of when no if about a decent healthier correction. But that's a longer trade, not something for the day trader community.

good luck
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