SPX500 is reaching the gap down
SPX has reached 3335 which is the place where it all started the March fall. The instrument is in the rising wedge but for a reversal downside, we need to see a break below 3250. For a complete downside continuation and higher probability short trade entries, we need to see a break below 3050. SPX reached previously 2150 and bounced for a complete retracement to the previous gap down 3350. The overall long-term is an uptrend and a confirmed break above 3450 will lead to an extended continuation to higher.
Note – We are inclined to short trade entries with the stop loss above 3350
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There is no such a thing as parabolic market, pullbacks are in the nature of the market
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