Hello, SPY Resistance

Well, today the S&P properly ran up to trendline resistance.  We are a little below it, but the 200 day moving average is here too.  Both have consistently beaten back the index over the last 4 months.

If we zoom into the last few days, it looks like a bearish rising wedge may be in place as well – a pattern that typically sets up for a reversal to the downside.

It’s also worth noting that U.S. equities seem to be going it alone in the world of “risk on.”  Treasuries and the Dollar remain well supported, while riskier assets like emerging markets, high yield bonds, small caps and tech are all underperforming the broader S&P.

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