SPX managed to close near yesterday resistance which I see as a sign of some strength. We could however expect some weakness today and IF the pullback today is weak and non-volatile (not below 1320), expect more on the upside as soon as tomorrow.
The 4h chart below reminds a bit of a rising wedge which is not generally bullish. Need to note though that wedges on shorter timeframe is just above 50%..
SPX should not go below 1320 today and if 1315 is taken out, bulls are in trouble.
SPX 4h chart
