The S&P 500 is forming an ascending triangle on its hourly chart. Look for a coming breakout in the near-term, one way or another.

Comments (4)
No. 1-4
Sean Hyman
Sean Hyman

Editor

It likely either springs back to the recent highs or it plummets to around the 20-period moving average (somewhat of a midpoint within the Bollinger Bands). Click on the chart to enlarge it.

Sean Hyman
Sean Hyman

Editor

Breaking to the downside thus far.

Sean Hyman
Sean Hyman

Editor

Below 2786 though, it would become more convincing.

Sean Hyman
Sean Hyman

Editor

It broke out to the upside. Now it's at the former resistance zone (red boxed area).