Actionable news
All posts from Actionable news
Actionable news in FB: Facebook, Inc.,

S&P 500’s ‘triangle’ chart pattern is warning of a big selloff, analyst says

Chart watcher says S&P 500’s ‘triangle’ likely to lead to a big dive down

The S&P 500 may be moving fast toward a technical breakdown that could be bad news for investors.

“And it’s gonna be big, by all accounts,” said Carter Braxton Worth, a technical analyst at research firm Cornerstone Macro.

The S&P 500 SPX, -0.44% had been trading within a “symmetrical triangle” on a number of time scales, as the index traced out a pattern of rising lows and falling highs. Since the upper and lower boundary lines are narrowing to a point, it’s just a matter of time before the S&P 500 breaks above or below one of them. Read more about “symmetrical triangle” patterns.

“It is a circumstance where buyers and sellers are matched off so evenly that...