Underlying momentum maybe making a case for the bulls. The above 60 minute chart for the SP 500 Index shows a short-term wedge forming with a longer-term ascending triangle formation. Notice how the lower highs are more shallow than the higher lows.
While the 60 minute chart is showing a short-term wedge, the ES two-day Rate of Change Indicator is actually showing an uptrending market.
The Cumulative $TICK Indicator on a 15 minute chart is showing some underlying strength relative to the SP 500 Index.
Charles
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