This is purely my personal opinion and analysis on SPX500
. After breaking past the 50 day SMA
around Point A, seller are exhausted and the bulls continued and tried to break the ceiling at 2135 at Point B but to no avail. Thus, the buyers gave up at the top and we end up with a lower high at Point C. My prediction would be that the sellers will break below the 50 Day SMA
and push for a retest of 2040 and even try for a break through that.