SPX is now very close to the top of is ascending wedge and the bottom of the last broken up trendline. This areas may provide resistance. If SPX is able to break the rising wedge it would be very significant for the bulls and bears would have their only bearish pattern invalidated.
1050-1054 is the level to watch as resistance. It will be the very upper part of the wedge, but more on a longer time frame SPX has resistance at this level.
On the weekly SPX is running up to its 89day EMA this is at 1053.
On the monthly time frame 1054 is the 20ema and SPX is attacking it from the bottom.
1050 is only 6 points away on SPX and can easily get there today, so watch this level as potential resistance.
