The S&P has been widening it's range, and just today reached the lower channel trendline of this expanding wedge . This is a bullish pattern , and I'm looking to a pull back in the next few days to the upper trendline , and perhaps a breakout of the channel to the upside.
If this pattern fails, this is extremely bearish , with huge downside consequences. This is just my opinion.
Long from 2023, Target 1: upper trendline , Target 2: TBD after breakout.
Trade closed: target reached:
The price didn't break the lower trendline at monday/s open, so the trade was intact. Price reached the trendline on SPY earlier today, and the trade was closed. the price may continue higher, but expect a pullback before any significant bull move after yesterday. Great trade. 40 points on ES