Pashabxl

SPX: A rising Wedge with 2002 as a target of break

FX:SPX500   S&P 500 index of US listed shares
269 0 4
Well despite my initial expectation, SPW continue its rising wedge pattern. Therefore this means that if confirmed, SPX             would go until 2115 before breaking at around 2085 towards 2045 initialy and then 2002             which is a 0,382 Fibo retracement.
On the macro economic side, FED is not yet in a position to increase its interest rate , therefore there is still cheap money in the market to fuel the index. But on the other hand, September may be the early month where FEd would decide to increase its interest rate . Therefore no one is willing to be at the highest high when FEd decides to increase its interestrate because although his will be a smooth move i.e an increase of 0,25 base point, it would have a short term effect on the index. Let's wait and see.
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