S&P is trading within two formations a Rising Wedge (green lines) clashing on the Lower Highs of a Triangle (red lines) since the June 8th market high. The 4H chart is turning bearish (RSI = 42.335, MACD = 11.360, ADX = 30.843) and that is due to the peak formation on the MACD. As you see on the chart this pattern has been formed three time before since early May and that always delivered a decline on the Dominant Higher Low trend-line (dashed line). We expect a similar decline on that line and once the MACD trends higher again, a rebound.
Former trading signal:
** If you like our free content follow our profile to get more daily ideas. **