SPX hitting a wall of resistances.

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

Yorum:

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.

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.