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The stock market has been meandering in its current region for months, but technical analysis shows that the S&P 500 index undefined  is poised to make a small upward move, right to the top of the resistance region on our 60-minute chart of the index. 

As you can see from the five-minute chart of the Emini S&P 500 futures (see link below), as long as the futures remain higher than Wednesday's pullback low just over 2177, the market is setting up to rally to at least 2195 for wave three in this minor setup, with the potential to test 2200 in a full five waves up. Again, as long as the futures remain higher than 2177, this setup can be triggered. The futures need to break down below that level before we can even consider the start of a pullback.

We have been patiently awaiting the market to offer some clues, and it seems it is giving us hints of a further move higher. So, if you are considering shorting the market, you may want to wait to do so on a break of this immediate setup.

See charts illustrating the wave counts on the S&P 500.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.