We have now been rejected from an area that is:
1.) The downtrend line from the late September stock market crash.
2.) The $282 level from the October to November correction.
3.) The 2018 rally , which we fell below.
This area also is magically the 76.8% retracement level from the September - October sell off as well.
When testing this today we saw an immediate sell off. While there is renewed sentiment that we are going to break the all time highs now and go on to make new highs, the reality is that we likely have one more reversal day left to turn sentiment to sentiment at or near today's highs, right on the confluence / trifecta of points above.
Once a red candle has been print we'll have a nice M shaped top, and look out below.