Chart of the day

SPX is in the rising wedge with 100 points of swing space. A break below 4530 is required for a downside reversal and a break above 4620 will lead to an explosive extension higher.

We are in the upside five waves and we could see a new high, especially in the case we see a confirmed break above 4620 but for a continuation higher and a break above this long-term flag, we need a confirmed break above 4620.

Long trade, you can open only upon a confirmed break above 4620. Short trade entries you can open only in the case of a break below 4530. Stay aside for now and look for price action breaks before trade entries.