At the level of interest - ES SPX AAPL USOIL et al....

EIGHTCAP:SPX500   S&P 500 Index
SPX is in the area where I think it may reverse although higher highs to end the day is certainly possible.

It has been a hard slog for bears and according to what I'm seeing on the put/call charts, the bets are mostly bullish . This makes sense in terms of price action but under the hood there are some issues.

There are technical reasons why I'm still bearish here, and basically that's what I talk about in the video. I know some will probably criticize this as being "too bearish" and that's fair. However, I don't think I'm imagining what I'm seeing here. The RSI has been very clear when the selloffs looked too weak and I have pointed that out when I saw it. The RSI in particular is now clearly flashing a longer term warning here, which I try to explain.

Good luck and have a great weekend!


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