Thursday, March 20, 2014

Stock Market Broadening Wedge Trendline May Break Today

By: Anthony_Cherniawski

SPX has declined in the Pre-market to near 1856.00. That was expected as a high probability, since it had closed beneath mid-Cycle support/resistance at 1861.54. A break of the lower trendline of the Broadening Wedge at 1850.00 gives us the confirmed sell signal of that formation.

It is possible, based on the futures activity, that SPX may open beneath 1850.00. The VIX and Hi-Lo are both on sell signals, so we may see more downside action today, with rising volume.

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