The bears have made some progress towards erasing yesterday’s gains.
However, it doesn’t seem overly impressive at this point, unless they can stage an end of the day sell-off. Instead it has more of the look and feel of the rally from 3/12 through 3/20 where the market moved in a two steps forward/one step back.
Nonetheless, let’s be ready to short at will if the market deems it necessary in the coming days. A move below 2040 would confirm the double top currently developing on the 30 minute and daily chart of SPX. If that happens you will want my list of trade setups below.
Here’s my bearish trade setups:
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