SPX Meeting Resistance

Twice so far SPX has failed at the top of its rising wedge.  Think about the psychology of the past two days of action.  The market reaches new highs and reverses it's course closing well below it's highs.  If you are using the candle stick psychology then you have to assume the sellers were able to take control of the market and move it down from those highs. 

There is longer-term resistance SPX is hitting, today it smacked against the bottom candles of the 2001 monthly. 

The past market reversal have been started with the Energy sector.  Right now Oil is right at resistance and has failed to get above it.

The dollar may be firming up and has hit the bottom of its new channel it formed and made a hammer today.

 Also watch around 79 it would mean a break of it's down trend line.