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Wedgie

I SPY another wedgie....Personally, I think the tariffs are gonna send the country into recession, but you can't deny the accumulation (on SPY and SPX). There's a possibility that the market will totally ignore tariffs and fundamentals in general. If that's the case, and this thing gets pumptarded then it's making an ascending expanding wedgie. Typically they only happen with speculative garbage like crypto stocks (see OSTK in late 2017 for a good example). If Trump didn't kill the market, it should die anyways, the next time it hits the upper trendline. We'll see what happens next week, Trump is planning on announcing 25% tariff on all Chinese crap.
AMEX:SPY
by hungry_hippo
2
ES1! SPX Futures Update - more wedgies for everyoneSo I cleaned up the charts a bit. We got a pop as expected due to the positive divergence, and we broke one trendline, but there's another one above (dash lines). Not sure which one is the true wedge, the dash line appears to be creating some resistance. Assuming the solid line is the wedge, I drew up the wedge breakout target. Seems lately that the market likes wedgies as much as I do. Note: Chinese market is up big, but it may be a wave 4 in which case wave 5 happens Monday. I just don't see a deal happening, but who knows...
CME_MINI:ES1!
by hungry_hippo