The major stock indices, including QQQ, SPY & IWM, have been grinding higher within these potential 60-min rising wedge patterns with any new highs soon likely to be a divergent high. I’m still favoring a backtest of the key 294 support level on SPY (top of the August trading range) soon, at a minimum, and I’d still put about 50/50 chance of a marginal new high on the indexes before then. Whether the indexes briefly pop above last week’s highs or not, the next decent sell signal would come on a break below the uptrend lines (wedge) on all 3 indexes. 60-minute charts below.
Rising Wedge Patterns On The Stock Indexes