SPX S&P 500 Daily Chart Rising Bearish Wedge Versus Ascending Bullish Triangle

The battle of the red rising wedge pattern (bearish) versus the green ascending triangle pattern (bullish) continues. Bulls broke out to the upside but upon returning to the 2120 level for a back kiss, price collapsed back inside the triangle. Price remains inside the red wedge and now drops to the lower trend line of the wedge.

Allowing for some leeway and using the horizontal S/R levels below, between 2091 and 2135 is likely sideways noise. Bulls win big above 2135 since price will seek 2180 and 2200. Bears win big below 2091 with the road to the 2020 gap fill likely.

The SPX is under the 200 EMA on the 60-minute chart at 2108.44 so the bears are in control for the hours and days ahead. Bulls need the SPX above 2108.44 so they can place the party hats on their heads. Three days remain in May that started at 2086.

2135 (5/20/15 All-Time Intraday High: 2134.72)

2134.72 Previous Week’s High

2132

2131 (5/21/15 All-Time Closing High: 2130.82)

2129

2126 (4/27/15 Intraday High: 2125.92)

2124

2123

2122

2121 (4/24/15 Intraday High: 2120.92)

2120.01 Previous Week’s Low

2120 (2/25/15 Intraday High: 2119.59)

2118 (4/24/15 Closing High: 2117.69)

2117 (3/2/15 Closing High: 2117.39)

2115

2114

2113

2111

2110

2109.72 (20-day MA)

2108.44 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2108

2107

2104

2103

2100

2099

2097.20 (50-day MA)

2097

2094 (12/29/14 Intraday High: 2093.55)

2091 (12/29/14 Closing High: 2090.57)

2089

2088

2087

2085.51 May Begins Here

2082

2081