I'm still bearish on the S&P 500.
This rally has been impressive, but we're now running into a major long-term resistance area. For me, this isn't a place to get excited about buying.
Everyone knows this is nothing more than a fake pump.
Smart money sells into euphoria. Retail buys after the move.
Chasing longs at these levels, right below major resistance, is exactly how people get trapped. I think the risk is still to the downside. I'm watching 4,800–5,000 as the first key support, and if that fails, a move toward 3,300–3,500 wouldn't surprise me.
I could be wrong, and the market will decide. But based on the current structure, I'm staying bearish until the chart gives me a reason to change my mind. 📉
This rally has been impressive, but we're now running into a major long-term resistance area. For me, this isn't a place to get excited about buying.
Everyone knows this is nothing more than a fake pump.
Smart money sells into euphoria. Retail buys after the move.
Chasing longs at these levels, right below major resistance, is exactly how people get trapped. I think the risk is still to the downside. I'm watching 4,800–5,000 as the first key support, and if that fails, a move toward 3,300–3,500 wouldn't surprise me.
I could be wrong, and the market will decide. But based on the current structure, I'm staying bearish until the chart gives me a reason to change my mind. 📉
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