$S&P;500; is at a Turning Point but needs further push to turn down finally. It’s not turned yet. Last week when we reviewed it I mentioned for primary indication for a TOP, we need a daily close below 3,944!
Till Yesterday we do not have any daily close below 3,944, so TOP dint really got confirmed.
So from here the level below which market have to close atleast for a day, would be 3,956 which is yesterdays low.
Already made it clear why that’s important.
So moving on, what happens if it does not close below 3,956? Then we can see higher high closer to 4,100 which would be the final move for this rally.
Not much TIME left to consolidate here; PRICES have to move quickly on either sides.
The intresting factor would be CBOE VIX, A move above 24.02 should bring back old volatile days.
Everything is in place as far as TIME is concerned but there are certain conditions attached with PRICE. So we need to wait for that alinement!
$S&P;500 UPDATE
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