KQMarkets
Short

Short S&P 500 Potential Bearish Wedge

SP:SPX   S&P 500 Index
We currently see the S&P 500 in an uptrend as the index gaped higher Friday above the key resistance level at $2900 on the back of strong Q1 earnings from JP Morgan, Wells Fargo and PNC . This is confirmed by the 20 day moving average of $2836 having risen through the longer-term 100 day moving average of $2698 indicating a buy alert. Also, the 50 day moving average currently at $2783 has crossed the 100 day moving average confirming the buy signal. Additionally, the RSI is currently 69.3 nearing the upper end of the range ie: 70 signalling the index is on the verge of being overbought.
As a result, we see a potential bearish rising wedge for the S&P 500 with higher highs and even higher lows with prices breaking resulting in a correction towards the key resistance level at around 2600. Therefore,we expect the index to continue rising towards it’s all time high around $2940 before a possible subsequent sell off.
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