S&P 500 Futures Continue to Backtest Bearish Rising Wedge
Despite today's ongoing rally [gasps in haggard], the S&P futures continue to backtest the bearish rising wedge formed from the March lows. One would expect, after falling from the wedge, that the markets would begin to decline. I still believe this is the case, given the fundamentals faced by the economy at this time. However, if the pattern does not break down soon, then I will begin to become inclined to the view that some other pattern is emerging.
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