S&P 500 E-Mini forms embedded wedge, indicating potential for sideways to up trading.

From Investing.com: 2024-07-15 08:10:00

Market Overview: S&P 500 E-mini Futures formed a weekly E-mini embedded wedge in the third leg up, indicating potential for sideways to up trading. The bulls aim for a broad bull channel, while bears seek a reversal from a higher high major trend reversal and trend channel line overshoot. Recent market behavior shows no strong bear presence, making the market always in long. Traders are cautious of possible profit-taking as the market seems climactic and overbought. Bears must create strong bear bars for a deeper pullback. The current rally may lead to a spike and channel pattern lasting for months.

The Daily S&P 500 E-mini Chart shows a 7-bar bull microchannel followed by an outside bear bar, but no significant selling. The market remains in a sideways to up trend, with potential for a buy climax leading to a pullback. Bears are waiting for a reversal from a higher high major trend reversal, wedge pattern, and final flag pattern. The market continues to trade sideways with little selling pressure, remaining always in long. Traders anticipate signs of unsustainable behavior and potential minor pullbacks or a new leg higher. Bulls aim to sustain follow-through buying momentum while bears wait for an opportunity to take control.



Read more at Investing.com: S&P 500 E-Mini Forms Weekly Embedded Wedge: How to Trade It