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The formation of an ascending triangle on the weekly S&P caught my
attention a couple of months ago. It looks to be close to being
resolved, as the price action is at the apex of the triangle. At
the same level the index has retraced to the 38.2% level, that is
drawn from the March 19, 00 to the October 6, 02 low. This
retracement level could also offer resistance. Also in the same
neighborhood is failed support (Cerise line) for the "M" of a small
double top. It is also bumping up against the upper Bollinger
band. Four reasons for a potential failure at what might be strong
resistance (supply). If it does move higher, there is potential
strong resistance at the 50% level that also has resistance at the
double top (Blue line).
Any thoughts?
~Dan~
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