S+P 500 Daily Chart shows a clear Breakdown of Circular Top Pattern last week.
Circular Top patterns, are inherently dangerous in nature, and are almost uniformally always broken with volume, and conviction, as pattern pressure finally bursts , and rolls over to the downside in resolution.
Any rallies back towards 2800,,supported by shorter term bullish RSI setups,should be viewed as highly suspicious. Pattern breakdown occured at S+P 2767,so rallies that do not breach/ close above that level mean nothing, at this point.
Big money spoke, and removed large amount of stock from world markets last week. That is the most important thing that you should keep in your mind now.
Yet it is almost guaranteed that the buy the dip crowd of investors/ traders/analysts will be right back, telling you to buy.. as witnessed by Friday's late rally,and short term bullish RSI setups
Resist the urge to be one of those. Stand back and do nothing it you have to. And just wait.
Further price breakdown potential from here is high, and sudden event risk now elevated.
If you have to do something financially in the next few weeks,convert any bank statement winnings to cold hard cash. US dollar is at a breakout high for 2019, as investors worldwide seek safety,+begin to liquidate paper stock certificates they own.
$100 Bills are my personal favorite, and are highly recommended.
From here in the UK, it's funny to read that you call money - "bills." A big slap of reality of what money really is in this upside down menace. Another great post as always - thanks.