S&P Bull Wedge Forming?
Stocks bounced pretty hard off lower levels, but are still having issues making new highs. The level 3758 provided support as we said it would. We blasted through the next level 3792, which provided little resistance. It will provide support now. We should expect more resistance at all time highs. It will take a lot of momentum to break through and establish new highs. However we do appear to be in the midst of forming a bull wedge pattern, so chances are stocks are bottling up for a breakout. Consider dips as buying opportunities to accumulate a position before the breakout. The next target is 3856.
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