Chart of the day

SPX is breaking below the strong short-term rising trendline resistance 4740. SPX is being rejected by the medium-term rising wedge resistance 4840 which is also the short-term rising wedge resistance.

A rejection here and a break below 4750 is confirming that the five upside waves upside are finished. A confirmed break below 4750 will open a downside reversal to 14300-4400 zone which is the ultimate support for an upside extension to be left as an option. A break below 4250 will lead to a complete bearish reversal.

Short-term short trades could be opened here with a stop loss above 4800. Long trades should be opened only upon a confirmed break above 4850. I am inclined here to see a deeper pullback into 4300 and a possible complete bearish reversal.