The upward path of prices got slammed at midweek, just as the S&P 500 had crossed the centerlines of a couple of channels. The index then fell to below the long-term channel from last year’s low. So this little pullback turns out to be very, very significant. It has led the SPX to a major inflection point.
So now we wait for a signal on what the market will do about it. I have added a few chart picks to take advantage, Most of them are on the sell side. It’s been a while since there have been more short picks than longs.
These reports are not investment advice. They are for informational purposes, intended for an audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.