S&P500 (ES) Testing Weekly Chart Ascending Wedge Support

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The S&P500 (ES) is nearing the completion of an ascending triangle (on the 4hr chart), and may in the next day or so test the 2018 and all time high, in the same way that the Nasdaq100 (NQ) did last week. Although ES has decent odds of a bit of upside to the all time high, ES arguably breaking below ascending wedge support (on the daily and weekly chart) last and this week is ominous for bulls. Ascending wedge support breaks followed by one final push back into the wedge are inevitably followed by a decisive break lower. Nevertheless, the current 4 month rally has lasted far longer than I expected, and bears should not rule out (however unlikely) the possibility of a parabolic surge past the 2018 high to the 3000 whole figure level before finally marking a major top. The weekly and daily RSI and Stochastics are overbought. I am looking to go short in the red zone (of the daily chart) and am targeting the green zone for mid next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

S&P500 (ES) Weekly/Daily/4hr

ES (S&P500) Technical Analysis

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