The index is approaching the narrow end of the wedge
It's been a while since we actually did get something like this in US equities, but the failure to break above 2,800 has seen the index fall post four consecutive day of declines - the most it has had so far this year.
Whether or not this is a sign that the break will be to the downside, only time will tell. But the next break will be crucial not just for equities, but for risk sentiment in the market as well.
