S&P 500 (US500) - Short Idea
Updated
From the ATH, we can expect to see some pullback if 3330-3340 holds, which would indicate strong bearish momentum to at least 0.786 on the pitchfork channel (3147.2)
Whenever an ATH is recorded it is not uncommon to see a 50% retracement off its lastest rally.
WARNING: Trade with cation as we are also very close to the US Elections and it wouldn't surprise me if Trump does everything in his power to prop up the stock market just long enough to try and win a 2nd term.
This will still be tough though if attempted as the USA is already fighting MASSIVE pending inflation from the FED printing 500bil in the morning & 500bil in the afternoon for weeks on end during the initial COVID-19 global wave.
Whenever an ATH is recorded it is not uncommon to see a 50% retracement off its lastest rally.
WARNING: Trade with cation as we are also very close to the US Elections and it wouldn't surprise me if Trump does everything in his power to prop up the stock market just long enough to try and win a 2nd term.
This will still be tough though if attempted as the USA is already fighting MASSIVE pending inflation from the FED printing 500bil in the morning & 500bil in the afternoon for weeks on end during the initial COVID-19 global wave.
Trade closed: stop reached
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