Bull flag chart pattern now in play on SPX
SPX is forming a nice bull flag pattern. It doesn’t feel that way, because nearly every day the market opens, it sells off. If it finishes higher on the day, it is well off the highs of the day.
But back to the bull flag pattern, the chart of SPX has been more focused on the triangle pattern it had been previously stuck in, but while that was ongoing, it also formed a bull pattern, but has yest to break out of it. Check out the chart below.
A move above 2375, will help with that. In fact a move above that price level will put SPX back on the up-and-up as it would confirm a breakout of the bull flag.
So keep that in mind when it comes to trading today. Be careful with the short setups because the bears still lack the mojo, at this point, to make this a real bear market environment.
S&P 500 Chart
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