SPX 5-Minute Chart Descending Triangle Breakdown

The dark blue descending triangle played out during the Friday session, with collapse occurring in the final hour. With a vertical side distance of 12 the target would be 1248-12 = 1236 but the closing bell saved the day. Thus, Monday will have to decide if the pattern plays out to completion.

In addition, the larger teal descending triangle is in play since it uses the opening prints. This triangle has a vertical side of 16. Thus, upon the failure of the 1246 baseline in the final minutes, the target for price is 1246-16 = 1230. So a target area of 1230-1236 is in play for the descending triangle patterns. As shown by Keystone's S/R levels, 1235 is strong, sturdy support and it sits between the two triangle targets, giving the confluence target area at 1235 some street cred. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.