S&P500: 2007 Descending Triangle Structure

Between June 26, 2023 and September 21, 2023 market makers created a descending triangle structure similar to what was developed during the last half of 2007. A decline below the triangle support line is expected to occur. In this situation futures traders would then move prices upward at a later date to fill the futures gap created between August 1, 2023 and August 2, 2023.

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