S&P500 (ES) 4 Month Ascending Wedge Nears Completion

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The S&P500 (ES) is trying to edge higher going into today's European morning, but is struggling as it bumps up against ascending wedge resistance (on the 4hr and daily chart). A break below the 4hr and daily chart ascending wedge support in the next day or so could prevent ES from making one final push this week towards the weekly chart ascending wedge and horizontal resistance (on the weekly chart). The current near 4 month rally has lasted far longer than I expected, and bears should not rule out (however unlikely) the possibility of a parabolic surge past the 2018 high to the 3000 whole figure level before finally marking a major top. The weekly and daily RSI and Stochastics are overbought. I am looking to go short in the red zone (of the daily chart) and am targeting the green zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

S&P500 (ES) Weekly/Daily/4hr

ES (S&P500) Technical Analysis

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