Ok, This rally hit a wall! Why am I bearish...
As you can see the 50% retrace is tested and closed below. The price hit upper resistance of rising wedge and upper BB. The daily cloud is no where near a green twist and is encountering resistance at the bottom of the cloud. Notice the descending YELLOW trendline is acting as resistance.
I believe S&P will head lower to the previous ATH support from Feb 2020, that RED line at 3400.
IF, S&P can conquer all these above mentioned resistance points, then BULL SPEED ahead to new ATH! I sure don't think that will happen, yet.
Good Luck
As you can see the 50% retrace is tested and closed below. The price hit upper resistance of rising wedge and upper BB. The daily cloud is no where near a green twist and is encountering resistance at the bottom of the cloud. Notice the descending YELLOW trendline is acting as resistance.
I believe S&P will head lower to the previous ATH support from Feb 2020, that RED line at 3400.
IF, S&P can conquer all these above mentioned resistance points, then BULL SPEED ahead to new ATH! I sure don't think that will happen, yet.
Good Luck
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S&P has pulled back and finding some support at 3760.
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Here is the retest, and now will move lower
