EXPECT SOME WEAKNESS TODAY

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

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