MichaelGLamothe

Descending Triangle forming on SPX500 as distribution piles up

FX:SPX500   S&P 500 Index
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Over the past 2 months the S&P 500 has formed descending triangle with a support level between 2110 and 2100. As the triangle narrows, the distribution days have piled up once again. Price has lived below the 50dma for the past 20 trading days. The longer we live below the 50dma, the greater the chances we ultimately break to the downside. Caution is warranted while we continue to chop around. Personally, I wouldn't be the least bit surprised if we stick in this range until after the election for better or worse.
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