SPX Rising Wedge Target Achieved. Potential Near Term Support

The rising wedge in the S&P 500 that I wrote about here has already been fully retraced. By looking left, it's also apparent that this is a level that price has bumped around since the start of the year. Nobody can know yet whether price will bounce here but it would seem like a natural place to do so and any bounce should be respected.

I remain bearish further out but I don't think this is a time to be adding to shorts until price gives us a little more clarity as to it's near term direction.