S&P 500 IS APPROACHING RESISTANCE AT 2972 - GET READY TO SHORT

The S&P 500 index may tick up a bit from here as Trump has tweeted that he's going to delay tariffs until Dec 19. However, the additional tariffs will still be applied to Chinese imports. We are in a reaction to the main downtrend. I think the market will climb up to fib retracement 0.764 and hit resistance at the prior low of the uptrend. Sell short at about 2972. The next down leg could be a sever move as all hope of a trade deal dissipate. On a DCF valuation, this market is way overvalued. Expect the next move down to be as sever as the first leg down. I don't expect any meaningful deal between US and China on trade. It is about forced technology transfer which Trump will never give in to. I suspect it will play out with higher tariffs being enforced and US companies exiting China for cheaper countries to manufacture. This down move has only just begun ...