S&P 500 Close to Finally Taking a Breather?

Mike Paulenoff By

ES (e-Mini Dec. futures) is pressing on its Aug. up trendline in the vicinity of 2574/73, which if violated and sustained, will have the potential to inflict some serious damage to the near term uptrend. Again, we see a developing breakdown from a Rising Wedge Formation atop the Aug.-Nov. advance, which if nothing else, is warning us that ES (SPY, SPX) are very close to finally taking a breather-- in the form of a corrective period.
11 09 17 ES Noon GIF
11 09 17 ES Noon GIF

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