Chart of the day

SPX is reaching a strong resistance of 5250, and a break above this resistance is required for a continuation higher. It is also the high of a rising wedge and a bearish flag.

We need to see a break below 5140 for the downside swing to happen. I see this as an upside ABC correction in a second downside wave. An extension higher above will lead to another five-wave peak but only upon a break above 5340.

_{Look for the short trade entries with a stop loss above 5300. Long trades you can take in the case of a confirmed price action break above 5350 and a stop loss is taken.}