As you know I’ve been leaning a bit bearish. I am more short than long right here, so I want you to look at two charts that “may” help us out going forward.
Here is a daily chart of the SPX. As you can see we may be forming the right shoulder of bearish head and shoulder pattern.
Here is the hourly chart of the SPX
These patterns don’t always validate, BUT you need to respect the pattern right now, especially if you are putting on new long positions.
See you in the trading room.