S&P500 developing inside a Bullish Falling Wedge - 1107 is 'make or break' level

S&P is telling a possible reversal story but not confirmed until the 1107 Resistance is taken.

The Expanding Triangle was tested first on May 6 - 'The Flash Crash' and now stocks are trading below the confluence of Resistance levels at 1107: The 200-Day MA, The horizontal level where the last up-move was capped and the broken Support T/L of the previous Expanding Wedge.

One important note is the Rate Of Change had broken to the upside and the ADX is signalling the trend strength has abated with possible Bullish cross confirmation. Same goes for the RSI which is still lingering below the 50 level so a rejection off the 1107 would be a massive short signal.