SPX Daily Chart Megaphone Pattern

SPX daily chart highlights the ongoing megaphone pattern. Two options are shown in black and blue.  Price has moved up above the top rails so it must reverse now to maintain the megaphone, otherwise, the pattern will be nullified. The higher high in price is substantial compared to a couple weeks ago but note that the indicators are flat or in the case of the money flow, negatively diverged.  This set up created the weakness over the last two days. Market bears need to see price drop under 1372, then back under 1366, then 1358.  Market bulls need to keep the SPX above 1372 to provide a base for a move to 1400. Of course the Fed move in a few hours, and the ECB move tomorrow morning will dictate the outcome. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.