SP500 has reached its peak apparently with the exhaustion. It is testing the resistance level which when tapped can continue moving down once the prices start to reject the level. This level is strong as the market needs to correct itself to maintain liquidity for further fuel up. Market has also tapped the double top. 

The ascending trendline is still impending for a breakout sell. If the breakout sell is induced, the market will have a further confluence of confirmation for the move down.

There is no retracement level as the market is tapping the daily and weekly resistance zone.

EMA 50 is bullish and once the market starts to move down, the retest can act as a profit target for the shorts.

RSI is at 58. It needs to reach the over bought region for the markt to form a bearish divergence to continue moving down.

SP500 shorts from 4790

Jan 11 2024