The rally in the SPX seems to be in full swing once again as we broke the upper trend line late last week that has capped rallies since 2018.
The SPX closed at the key uptrend line of the ascending wedge, and based on the bearish engulfing candle on the daily chart, it looks like a move lower from here is in the cards near term.
The EURJPY has bounced back to the breakdown point near the 125.00 level which is a do or die level for the bulls.
The SPX500 closed the week above the downtrend line and the 61.8% Fibonacci retracement level which was a bullish sign headed into the weekend.
The US equity markets are trading heavy after a strong selloff, is there more selling to come?