This chart is very helpful to evaluate our views and biases. We plot the instrument of our choosing as an inverted version of itself, to see if we have a long or short bias. In this case, I agree with myself that the S&P500 is at a top, and would happily long a new weekly high here (that's a valid weekly setup, short new weekly high in SnP, stop loss at recent highest high). Rgmov, cci and evaluation of the price action, sentiment and fundamentals call for an intermediate term top right here. Today's news might very well be the catalyst to send it down and trigger this weekly setup.
Are you in the short already? Looking to take it? Leave your comment below, and grade my analysis from 1-10 in level of agreement if you can, thanks. Good luck!
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Cheers!
Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.