Buy the rumour, sell the news

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If this turns out to be a rising wedge, then this could be a quite profitable trade. And this could quite possibly lead to the S&P500 printing the "head" of a massive "head and shoulders" pattern starting from September. MACD suggests weakness in the run-up as the market remains uncertain.

Be quick on your feet and always keep an open mind to any outcome.
Note
Trade invalidated. Going long until: 4717. That is the 1.618 Fibonacci level. And then shorting from there. It just so happens to be at the very tip of the rising wedge as well.
Note
Regarding the latest infrastructure bill.

It feels like the market already priced this in with this latest run.

They will need to hire a lot of people in the midst of a labor shortage. That means very high salaries and wages just to attract people. This will send us even deeper down the wage-price spiral.

The Feds said they are waiting to hike interest rates until unemployment goes down.

The new infrastructure bill will increase inflation and cut down on unemployment - two things that will force the Feds to increase interest rates earlier than expected. This will probably come as a surprise to the market and spook it.
Chart PatternsTechnical Indicators

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