SHORT on SP500?
Technically, the SP500 just finished its 5th extension, hitting the upper limit of the channel, indicating downward pressure since it didn't break above. I believe price is moving towards the (A) correction leg. In addition, price just passed below the 15EMA, another indication of a bearish sentiment.
Fundamentally, watch out for trade talks between the US and China. If things miraculously get better (which I speculate won't happen) the outlook would be completely different and we could see new highs.
Technically, the SP500 just finished its 5th extension, hitting the upper limit of the channel, indicating downward pressure since it didn't break above. I believe price is moving towards the (A) correction leg. In addition, price just passed below the 15EMA, another indication of a bearish sentiment.
Fundamentally, watch out for trade talks between the US and China. If things miraculously get better (which I speculate won't happen) the outlook would be completely different and we could see new highs.
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