S&P 500 is at resistance
I found this weekly chart in the chart list showing the old pattern target NFTRH established back in 2020 (it topped a couple hundred points higher). Not coincidentally, 3400 is our minimum bear market target and would represent a round trip back to the pattern top and clear support.
At the moment I am short nothing as I’ve been greedy about wanting to take a short from higher levels based on some daily chart details. But this basic weekly chart does provide a case for shorting now, perhaps to hedge some strategic long positions in various commodity, broad market (incl. China) and a few gold royalty positions. What’s more, if SPX starts to eat away at resistance a short could be covered. I like a clear tolerance point, which in this case is 4200 (+/-).
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