Intraday Look: Mind Your Wedgie

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With the narrowing price action since this morning’s upside reversal, you can argue that the SPY is nearing the completion of a rising wedge. Obviously, bears are looking for swift downside resolution, and a move below $109.50 would be a good start. A move above $110.70 would be a huge score for the bulls.

The bulls would also not mind seeing the pattern simply morph into sideways action for a while, negating the notion of an immediate violent downside break out of a completed rising wedge.