Based on the 4-hour timeframe, there are clear indications of a bearish trend in the S&P 500 index. After testing the weekly resistance level at 4160, the market started a bearish move with a series of lower lows and lower highs.
Further analysis shows that the market retraced to the 0.618 Fibonacci level after the first bearish impulse and tested a daily resistance level perfectly. This level is known as an inversion point, indicating a high likelihood of the market reversing its trend.
From there, the price created a second impulse toward the lower weekly support, indicating a continuation of the bearish trend. As such, it may be wise to wait for a new opportunity to set a nice short order in anticipation of further price declines according to the Plancton's strategy rules.
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the market turned at the defening point as expected