Short-term SPX: “Now Hear This!”

The Megaphone (Expanding or Reverse Symmetrical Triangle) in the previous post is a larger weekly view. Today a man stares at a chart…

…and wonders if a daily Reverse Sym-Tri could get put in as well. With the news cycle in full swing and emotions running hot, is it not conceivable that the market could take a much needed test of the SMA 50 before a launch to…

spx

…the weekly chart’s destination?

spx

Or, given that the thing is on a top “test” [noun: a procedure intended to establish the quality, performance, or reliability of something, especially before it is taken into widespread use.] the alternative, which would be failure.

The top-test is still in play. The Megaphone stuff is contingent on that.

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