SP Hourly Chart 3:20 EDT Update

This is just an example of a 'trading tool' we use. It is not deterministic, but helps the trader to exercise their judgement.

It doesn't look like we'll get the resolution today, and with the big upside push to resistance we're not confident about a rally tomorrow either. We are coming into the end of quarter, so we'll see a real tug of war between fear and greed.

We are trying to show how support and resistance can be used to guide one's trading judgement as an aid. You can do the same thing on any timeframe, and in fact we do so even during the day, cross markets and on four timeframes.

Postscript: The SP futures closed at 1322 today at 4:15 PM EDT, almost dead on the lower bound of the rising wedge. We'll have to see if it will churn around inside the formation tomorrow, or give us some clearer indication of future direction.