On September 3, 2024 a net reportable positions of S&P500 clearing members, futures commission merchants, and foreign brokers chart was developed. A review of relatively small variances provided a high correlation of key turning points where patterns emerge. Based on this data five out of six dates above the red line were starting points for an ascending broadening wedge. The most recent move was an ascending broadening wedge formed between December 5, 2023 and September 3, 2024. This is similar to what occurred between June 1, 2021 and February 11, 2022.
Note that this information is for educational purposes only and not a recommendation.
Stock charts courtesy of StockCharts.com.
https://stockcharts.com/
