In our last blog entry, the S&P 500 appeared to be in a Wedge/Symmetrical Triangle.
However, as with most patterns, we need confirmation (strong breakout with high volume above upper trend line), and the (ongoing) pattern did not turn out to be a bullish one.
However, if we generically call the pattern a symmetrical triangle, the interpretation would be a triangle, that could break either way (up or down). This pattern will require confirmation as well, with a breakout above the upper trend line, or a breakdown below the lower trend line, with volume.
Let us see how much volume there will be in the possible breakdown this morning (Futures are down very big before the market opens).
Today's S&P 500 Stock Chart