Description
⋅ Hello traders,
Looking at the weekly chart for SPX, we are starting to see some macro-bearish sentiment:
1) Orange trend line overhead resistance
2) Historically, we are constantly seeing 78.6% Fibonacci level rejection (end of 2018 and beginning of 2018)
Unless there are series of bullish news, bears are most likely placing short orders in red box region given the very thick wall of resistance.
Manage your risks. The market is getting very dangerous and desperately looking for overdue weekly consolidation.
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⋅ Pretty much a double top at this point.
Bulls are starting to lose fuel as there are no bullish news.
Short
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⋅ SPX is approaching dangerously close to 78.6% fibonacci level (~3130). Let's see how China retaliate after ban on Chinese Airline to US.
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⋅ SPX500US touched 78.6% and and rejected. potential head and shoulders pattern is forming.
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