The market appears to be tracing an ascending triangle pattern. This could indicate selling pressure is slowly subsiding. We have higher lows being formed and significant thrusts upward. [of course it could be a Minute [iv] of 1 triangle forming]
However not all is well. Key support is 1903 SPX for the pattern to hold. So we still have quite some cushion above that. But the way things have been moving of late, that's a stones throw away. Additionally overall market breadth took a bit of a negative hit with this afternoon's selloff. But certainly not fatal. Negative 400 point DOW intra-day reversals will catch your attention quickly. Selling could pick up steam again and the ascending triangle would turn out to be a red herring and fail.
So until the triangle actually fails, we still have the bullish pattern in place and you can see key support points and support lines. With that said, ascending triangles formed right off a major pivot price low do not usually kickoff new bull markets other than a short term rebound high which we would label Minor 2. There are a lot of underwater people who would marvel at the idea of selling at 2035 SPX. So the pattern is not long-term bullish only merely enough to form a Minor wave 2 proper.
Will it hold? For if 1903 breaks, selling will likely intensify as every algo can see the pattern too.
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