First, let’s revisit the price channel running along the index all year. SPX has been stuck at the top of that ascending range since the middle of April. Will prices retreat from the upper line?
Second, last Thursday saw a new all-time high and a lower low versus Wednesday. That created an outside day and pattern on the chart – potential reversal patterns.
Finally, has turned negative.
This fatigued price action occurred after several big events: the Fed, Big Tech and GDP.
Investors could now face the risk of all the good news being priced in – especially with a new month beginning.
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