To be honest, I dislike the S&P perspective right now
. I think the price has extended beyond the bearish
point, which is a mistake. The hike is still happening in the near term and the global slowdown hasn't gone away, all the other markets are being pushed solely by the S&P
strength and I find this a bad pattern. Also, the chart seems to show a bearish flag
, I'd pay attention to the last high (2107), if the price is unable to break that, you should consider reversing your longs. If there's a volume confirmation beyond this point, I'll change my stand to bullish
, until that happens I'm still a bear. Good luck.