SPX500 Starts Slower Then Turns Around -
is sitting just above the channel, so I think it makes quite a bit of sense that the 4000 level now is essentially the “ceiling in the market.” With that in mind, I am fading any rally that shows the slightest hints of exhaustion.
The 3750 level is an area that had been supported quite fiercely over the last couple of weeks, so breaking down below that then opens up the possibility of even deeper losses, perhaps down to the 3650 level. If we do rally from here, it’s really not until we break above the 4200 level that you could consider the trend changed, because at that point in time you would have broken enough structure in the opposite direction that a lot of short covering would have to follow.
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