Currently S&P500 index is trading close to important (the 2011 peak) after unsuccessful brake over that line. Historically markets experience rally (which we have already seen) after “Golden cross” appear on the chart, but it’s been followed by correction. If brake over 2011 peak turns to be unsuccessful than the time for that correction has come. The support is 50-day moving average.
I suspect that you are correct in that S&P 500 price is getting compressed in a narrowing ascending wedge from the early December 2011 peak of appx. 1,265 and the mid December pullback level of appx. 1,205. The market is in a tight Gordian Knot and will likely pullback, I suspect. Who will break the knot, a hero or a villain?