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The Tell: S&P 500’s ‘triangle’ chart pattern warns of a big selloff, analyst says

The S&P 500 is moving fast toward an impending breakout that could be bad news for investors.

“And it’s gonna be big, by all accounts,” said Carter Braxton Worth, a technical analyst at research firm Cornerstone Macro.

The S&P 500 SPX, +0.46% has been trading within a “symmetrical triangle” on a number of time scales, as the index traced out a pattern of rising lows and falling highs. Since the upper and lower boundary lines are narrowing to a point, it’s just a matter of time before the S&P 500 breaks above or below one of them. Read more about “symmetrical triangle” patterns.

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