SPX in a Descending Broadening Wedge
Equities are selling off as interest rates on long-term Treasury bonds continue to climb.
The SPX has broken out of an ascending parallel channel and is now trading near the top of a descending broadening wedge.
If this pattern holds, the SPY could fall below 365 before finding support.
The MACD and Stochastic Oscillator confirm this bearish trend:
- Weak bearish divergence on the MACD
- Stochastic is near overbought condition and falling.
Furthermore, the 1h 200 EMA has crossed above the 50 EMA.
The SPX has broken out of an ascending parallel channel and is now trading near the top of a descending broadening wedge.
If this pattern holds, the SPY could fall below 365 before finding support.
The MACD and Stochastic Oscillator confirm this bearish trend:
- Weak bearish divergence on the MACD
- Stochastic is near overbought condition and falling.
Furthermore, the 1h 200 EMA has crossed above the 50 EMA.
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