Friday's Pricing Action Rejected The S&P's Rising Wedge Trendline

Thursday's rally was cheered because of the GDP data. Really, that was irrelevant. We were more oversold than at any time since the March low this year with a lot of heaving dumping of stock the last week. Thursday's rally was technical in nature and driven by the futures market as opposed to a substantial number of buyers in the cash market.

I pulled this early Friday so the chart doesn't reflect the entire day's pricing action. (We finished below Thursday's low.) This is a magnified chart of the bearish rising wedge on the S&P we put up a few weeks ago. Wednesday's pricing took out the rising wedge's trendline created off of the March and July lows. Thursday's rally pushed back up against the trendline. In other words, what has been support on the downside has now become resistance on the upside. At least for now. Friday's pricing action rejected an attempt to regain the trendline. Again, this type of action is a sign traders are driving this market. What's new?