The SP500 and NASDAQ100 are forming text book symmetrical triangles. These price patterns are straight from a classical technical analysis text book. Almost everything about them is perfect.
My plan allows me to trade symmetrical triangles. Over the years I have avoided these trades. Mainly because they do not work well with my risk management plan. I usually get stopped out. In my experience, three out of four of these are continuation patterns.
If the NASDAQ closes above 12100 in the next few trading days I will go long.
If the SP500 closes above 3540 in the next few trading days I will go long.
For an upside breakout, I will need to see a good increase in volume.
For any downside break, it will have to occur in the next few trading days. These breakdowns are usually on light volume.
The more the price goes into the apex of the triangle, the less likely I will trade it.