[S&P] Breaking out of a massive rising wedge since Oct. 2018

9 Dis 2020

The S&P is breaking out of a massive rising wedge (magenta lines) with the upper trend line of highs established in October 2018. Can it hold? For the sake of sanity, I think it should correct below the upper trend line. There's a big 200-day moving average and lots of November gaps to fill down below. It's like a kid with lots of energy who wants to go outside to play, but they've got to put on their shoes first.