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shivam94_007

SPX hitting a wall of resistances.

Short
S&P 500 Index (SP:SPX)  
shivam94_007 Updated   
SP:SPX   S&P 500 Index
Trend Analysis Moving Averages SPDR S&P 500 ETF (SPY) S&P 500 (SPX500) SPX (S&P 500 Index) us500
10
3
trendanalysis movingaverage spy spx500 spx us500
Confluence of Resistances:
1. 200 day Simple Moving Average
2. Weekly Fib 0.382 retracement
3. Upper trend line of bearish Down sloping channel from ATH last year.
4. Daily Supply zone
Comment:
Checking out the Logarithmic scale on SPX, I believe we may have still some upside potential before the eventual downside. Another 3-8% rally will start getting the bulls to be bullish and bears to start doubting if the bottom has already been put in on October 2022.

snapshot

I strongly believe the downward surprise in earnings will be the catalyst for compression of the current P/E ratio of equities. I still remain net short until we confirm above the high of 4325.88 on SPX. Let me know what you guys think. Cheers.
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