SPX – In the short term, I see small bearish wedges that could lead to a pullback or a sideways move in the short term. If this were to just surge higher and break out to new highs, that would be bullish.
Interestingly, The RUT, IWM, and IWC did break to new highs recently and continued higher. They might be leading!
IWM – Also possible they pull back & back test the break out, but it remains bullish above the break out line.
IWM WKLY– Big Picture: Break out & back test complete. That 1 yr+ consolidation actually gives this plenty of room to move higher over time. IWM, RUT, etc went sideways for a year while the DJIA & SPX went higher. Maybe they consolidate for a bit while the small caps do their own run upward?