$SPX - Rising Wedge

Here I have a daily chart of the S&P 500. The S&P broke out of a rising wedge today and the Dow Industrials broke its trendline on the weekly chart. My January 19th post talked about the $DJI testing its trendline on the weekly chart. Today and yesterday are a good indication that the Dow Industrials will continue its momentum to the downside.

The Dow declined 122 points the 20th and 213 points today. Moreover, I also discussed in my post on January 15th that the measurement target for the S&P 500 was 1,172. This was for an upward breakout of an inverted head and shoulders. So far the high is 1,150 for the S&P. This is pretty close to the measurement target and doesn't have to be exact. I would expect now that a minor correction take place. A 10% retracement would be healthy for the market after its steady climb.