Chart of the Week: S&P500 Ascending Wedge?

The large cap SPX has formed a bearish rising wedge, while breaking out over the top line of its rising channel. Combining with overbought conditions makes the SPX ripe for profit taking.

S&P500 Ascending Wedge?
Source: Chart of the Day

Any pullback (to the dashed green line) would provide a low risk entry point for new long positions.

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Quote of the Day:
“When we see ourselves in a situation which must be endured and gone through, it is best to make up our minds to it, meet it with firmness, and accommodate everything to it in the best way practicable. This lessens the evil, while fretting and fuming only serves to increase your own torments.” –Thomas Jefferson, 1742-1826

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