We made it back to the black dashed trendline that has acted as both support and resistance through out this rally. We have been trading withing the green channel since 4/20. Having reached the top I expect a pull back in the short term. I also expect the pattern to break down out of the channel.
The weeklies on SPY are very overbought. When we turn down the correction will last many weeks.
VIX:SPX was down but held the upper trendline of the falling bullish wedge. The pattern is still intact and I expect an immediate pullback in the market on monday.
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