UBS denotes:
"Triangle Forming in SPX
In line with our recent call, the US market underwent a
short-term pullback. However, the whole consolidation
phase and in particular last week’s pullback produced
just another higher low in the SPX, which shows how
resilient the market is on the downside. Furthermore,
from a pattern standpoint the sideways consolidation of
the last 8 sessions has been forming a classic triangle
formation. Consequently, as long as the SPX does not
break its last reaction low at 1226 (stop loss for tactical
longs) the market trades in a trend continuation breakout
set-up."
