SPX hitting a wall of resistances.

Jan 12, 2023

Confluence of Resistances:
1. 200 day Simple Moving Average
2. Weekly Fib 0.382 retracement
3. Upper trend line of bearish Down sloping channel from ATH last year.
4. Daily Supply zone

Jan 16, 2023

Note

Checking out the Logarithmic scale on SPX, I believe we may have still some upside potential before the eventual downside. Another 3-8% rally will start getting the bulls to be bullish and bears to start doubting if the bottom has already been put in on October 2022.



I strongly believe the downward surprise in earnings will be the catalyst for compression of the current P/E ratio of equities. I still remain net short until we confirm above the high of 4325.88 on SPX. Let me know what you guys think. Cheers.