GarryBartsch
Short

S&P 500 rally running into resistance

FX:SPX500   S&P 500 index of US listed shares
120 1 1
As suspected S&P 500             trying to get back into the channel it just fell out of. It's a big job to get back in (and it would mean a very strong move). But the market is not tanking as a certain television commentator said would happen immediately. The strength is surprising me. I'm short and adding more but I'm also not certain I won't have to cover at a loss eventually. It's tough to hit the top of a long bull market like this one.
The long upper shadows at resistance show the market rejecting that line. When price did get through stops were triggered and price surged. The push through didn't make it far and the move petered out. The green line needs to be support for bulls to be happy. If the red channel is still in play we will see a big move down early next week. That's IF. No crystal balls.
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