Trendline resistance holdingNov 07 2017 07:42
With this morning's small pop up at the open the indexes tagged overhead trend lines and then reversed back down. The techs have turned weaker than the blue chips and the RUT is dropping sharply. There is the possibility that a top was made this morning but as always we'll need to wait for confirmation with an impulsive decline. There is not a clear topping pattern yet for any of the indexes and it's one reason why it's difficult to trust that idea that a top could be in place (the Dow is the closest one with a clear topping pattern).
Keeping with the SPX rising wedge idea, I've redrawn it slightly to consider this morning's high as the top of the 3rd wave. A choppy pullback over the next couple of days would tell us another push higher is coming. An impulsive drop below the bottom of the wedge, currently near 2580, would be the initial sign that a top is in place.
SPX 60-min chart