S&P Bearish Wedge Pattern Forming

S&P Bearish Wedge Pattern Forming

While the DAX is already red for the day, the US index is trading lower pre-market.

The Emini price action shows a contracting wedge formation which could indicate a short correction is about to happen. The 2878 level, which has been strong support and resistance in the past is just a few points above the current price.

Unemployment data out of the US is due tomorrow and the record numbers are expected to carry forward as well.

A breakout out of the wedge may lead to a new bearish correction. If the price bounces off the wedge trendline, the resistance is the next likely target.

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