The NYSE, a laggard compared to 
SPX, 
NDAQ, et al, is just points away from printing a higher high (Sep/Oct high), but also bound to the peak of a potentially dangerous ascending wedge. Should a higher high be printed, this would be very bullish for the market in general. However, if it does indeed top here, it suggests a strong reversal is likely across all the major indices. Hardly a coincidence, given that next Wednesday's FOMC notes will reveal whether or not a July rate cut is coming. The market has currently priced in a 25bp rate cut in July. Pausing, or hiking would be incredibly bearish and probably spark a prompt sell off.
SPX, NDAQ, et al, is just points away from printing a higher high (Sep/Oct high), but also bound to the peak of a potentially dangerous ascending wedge. Should a higher high be printed, this would be very bullish for the market in general. However, if it does indeed top here, it suggests a strong reversal is likely across all the major indices. Hardly a coincidence, given that next Wednesday's FOMC notes will reveal whether or not a July rate cut is coming. The market has currently priced in a 25bp rate cut in July. Pausing, or hiking would be incredibly bearish and probably spark a prompt sell off. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.