S&P divided by money supply is at the same resistance level than 2007 financial crisis and pre-covid top.
Also matching 0.618 fib retracement.
+ bearish downside channel on the RSI
Potential trend reversal on S&P
We're either seeing a breakout here on the S&P500 Futures/M2 chart, or this resistance level, which has held up since 2001, is about to spoil the bulls party. Look at the last impulse wave toward the resistance line in yellow. We're stretched, but we're seeing the same pattern, folks. Trade accordingly...