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Monday, 06/14/2021 9:38:42 AM

Monday, June 14, 2021 9:38:42 AM

Post# of 5495
"....in line with the Fed meeting, the grind may be nearing completion..."

http://www.pretzelcharts.com/

"The market remains in a grind heading into Fed week. There are a couple interesting things worth taking a look at, though.

But first up is NYA, which is unchanged:"



"Next, however, is INDU, which is more interesting:"



"Then the SPX 24-hour chart (which combines cash and futures into one contiguous chart). This chart is interesting because of the clear rising wedge shape that's forming. This pattern tends to be bimodal, and typically leads to a sustained rally or a collapse back toward its beginning."



"Finally, the cash SPX chart. Here we can also see a potential diagonal or bull nest... of note, if we were to chart a diagonal between the dashed red lines, it has enough waves to have completed at the recent all-time-high, if it so desires:"



"In conclusion, the grind may be nearing completion, in line with the Fed meeting, as the market has seemingly wedged itself into a "pop or drop" pattern. (Incidentally, I also penned an additional Fed commentary piece, which can be found here.) Trade safe."

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