A month ago SPX topped close by the previous ATH at a resistance area with an engulfing candle, a clear reversal signal, just a couple of weeks after DXY (dollar index) started to raise again.
Yesterday we had the exact same pattern occur, an engulfing candle to the downside, at a previous resistance level. Today Jerome Powell presented a hawkish stance of the Fed for the foreseeable future. Combine the above with a DXY on the raise that broke its downtrend last week and it looks like we are in for more downside on the S&P.
Zooming out, where do you think we are on the Wall Street Cheat Sheet? Here is an unpopular opinion from Gareth Soloway that I tend to agree with. Maybe even Bitcoin's double top in '21 is something relatable to S&P today - and BTC found its potential bottom one year later.
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