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
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
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.