Below is a 5 minute SPX chart. Note the small triangle that has formed. This triangle looks like it was entered from the top, BUT, when you consider what happened overnight it was entered from the bottom. So, this one could break either way. it's good for about 25 SPX points either way. The DOW looks stronger, as does the NDX & RUT.
I'm still being careful here, but think that it's bullish if we break up and get back inside that bottom bear wedge boundary (light blue).
Economic News , Data & Views ...... October 22 , 2016......Quick hits for Saturday - 1) Markets & Market Moving News : Doug Noland's Weekly Overall Of Markets & Essay ; Global Stocks Gain 264 BL In Market Cap last Week ; Italy's Outlook Cut To Negative , Affirmed At BBB+ ; Cyprus Upgraded To BB- From B+ , Outlook Pos ; Portugal Confirmed AT BBB , Outlook Stable ( Still Qualifies For ECB QE AS Investment Grade Retained ) ; EZ Debt / GDP Dips Slightly - Now At 90.4% ( From 90.7% ) ; EUCO Summit Leftover ( Brexit / CETA / Russia Sanctions .) 2) Emergence Of Duterte In Philippines Has Changed Relationships Between Philippines and Nations such As US / China & Russia , America's Asia Pivot In Tatters As Futerte Seeks Closer ties With China & Russia. 3) MENA - Odds & Ends From Iraq , Libya & Syria.
1 hour ago