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S&P Nearing Trendline Resistance?

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

Diagnosing charts for patterns is a pretty subjective activity, but a case can be made that the S&P is close to hitting resistance in a very long term wedge.

(click to enlarge)Click to enlarge

Personally, I prefer a shorter term trendline that runs up a bit higher, but this one seems worth noting... especially on a potential reversal day like today.

Stocks: SPY, SDS, SSO