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SPX - Topping Formation Ahead Of Fed

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SPX:

Ok so this is my revised outlook for SPX.

It looks like it has probably topped at the 4 hour 200MA, although with possible whipsaw it could well tag the MA again, though I'm guessing not.

You can see it has drifted out of the ascending channel and forming a dome shape as upside impetus has waned. This will likely lead to impulsive downside soon.

And so, I'm still bullish mid term even with a fast collapse here, but I am bearish and short in the short term.

If the bull market or a big bounce is on then I think its going to be quite a struggle at first - probably, not definitely, there is a lot that can happen.

But I think the blue retracement band getting hit is now likely considering this doming and it can potentially re-test this long term 1.618 fib taken from the first 3 major pivots.

That may prove to be a good area to buy back in and I will sell my short by then perhaps 👍.

Not advice.

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