Triangle Higher Perhaps

Unless 1346.45 breaks, it appears a bullish triangle or rising wedge may be in play on the S&P.  This would suit me just fine.  So far VIX calls seem to be packing a much better punch on the declines than the SPY puts I'm dragging around, and I was able to hedge aggressively yesterday with SPY 135 calls.

If 1346.45 breaks, it won't be the end of the world, but it will open up other scenarios and I will have to assess them in real time.  There is a way for it to break by a couple points and still head to new highs.  But it could also mean that when the S&P bounced off the 1363 61.8% Fibonacci zone, that was the end of the road for the bull convoy.

So far overnight futures seem to confirm the triangle/wedge.  And 1380 still looks pretty on the daily chart.  But so does 1266.74 and a bunch of other lows that look like they want some attention.