S&P 500 Weekend Analysis

• First chart shows SPX Weekly wedge, Price yet to hit the support line of the wedge. Current correction in weekly chart may get over only after price hitting the support line of the wedge. Bigger correction may follow if the wedge gets broken here.
• 2nd chart shows price with 200 DMA and the support level of 1250. Break of this Moving Average will push price down to 1250 level. So all this action may happen near the support line of the wedge and an up move may start from this area. 
• For Bears Wedge and 200 DMA Breakdown will be a great event. But on seeing the price action it looks like 1250 may hold in the medium term.
• SPY 5 MINUTES CHART WITH SUPPORT RESISTANCE LEVELS