alx13
Short

SPX - intermediate top in or another high coming?

FX:SPX500   S&P 500 index of US listed shares
SPX             overthrew the top TL before reversing and also back-tested that TL before heading lower again (highlighted on the chart).

Right now, SPX             is testing the lower TL and it is critical to watch the reaction here.

Normally, after an overthrow and back-test one would be tempted to go all out bearish , but this market has proved with the current rally off the lows that it can turn seemingly bearish situations around. So a caution stance would be to wait for the lower TL to get broken before announcing the "all clear" for shorts.
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