SPX500 Retracement Should Provide Selling Opportunities
The SPX500 is in a strong uptrend. Record highs on the Equity have made short traders close their positions. It could change today.
3115-20 is the zone where we might see selling. OB (overbought) pink dot is signaling the price is indeed overbought, a rejection off the W H3 camarilla with a bearish engulfer cue for the downmove. The first target is 3104. If the price breaks below the trend line (3100) we should see a continuation down to 3092, 3072 and 3050. The time for a retracement has come.