SP500 Continues to Form a Basing Pattern -
The 3900-level underneath could offer, but if we were to break down below there, it’s likely that the market could drop down to the 3700 level.
The 3700 level is an area where we have seen a lot of buying, and then after that, we have the 3600 level. At this point, it’s very likely that we will simply continue to fade rallies, and as we head into the weekend, I would be very cautious about the position sizing of this market, and I certainly would not be a buyer, at least not right now.
After all, the Federal Reserve and its monetary policy continue to be very tight, thereby squeezing any real sense of growth. Looking at this chart, I think it is only a matter of time before we get an opportunity to short this market, but right now it’s very likely that the market will need to breathe a bit, giving you an opportunity to short from higher levelsReady to trade the
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