SPX Wedge Intact for Another Day

The SPX traded up to the top of the downward trendline today and retreated for the remainder of the day to form a doji candle on the daily and keep the Wedge intact for yet another day. More trading in this range might be expected for the next couple of days leading up to the Fed announcement. I wouldn't be surprised to see intraday movements in and out of the wedge, but I will be watching very carefully for any close outside of the wedge. A close outside would tilt the probabiliites of the next day's direction.

Note that a close down tomorrow would start the formation of a lower high on the SPX daily chart.

SPX 6 Month / Daily Chart