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U.S. Indexes Rising Wedge Update

|Includes:IWM, RWM, SDS, SPDR S&P 500 Trust ETF (SPY), SSO

U.S. indexes have pulled back a bit in recent days. There isn't really anything new to report, but I thought I'd update the way I see the charts. The S&P (NYSEARCA:SPY) is still in the body of a multi-year rising wedge. It has pulled away from overhead resistance, and has rising support around 1800-1820. Until that support is broken, I am trying to keep my bearish sentiment constrained.

The Russell 2000 (NYSEARCA:IWM) has exploded higher over the last year. It has broken under a smaller rising wedge, but looks to have support about 4% below the current price.

In the short term (and very long term), I have a bearish outlook for domestic equities. However, the charts are far more appealing in many commodity sectors and emerging markets.

Disclosure: I am short IWM.

Additional disclosure: I am also long RWM April calls

Stocks: SPY, IWM, SSO, SDS, RWM