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S&P 500 – Attempting to Make All-Time Highs (weekly chart)
For the last 1.5 years, the S&P 500 has been ranging between 1800 and just north of 2100 in a large balancing zone and corrective structure. I certainly wouldn’t want to be a buyer here being so close to the all time highs and having < 10 weeks closed above 2100.
Hence this is an interesting trade location for offers being the lack of price action above.
For now I’m bearish ST while below 2145 on a daily closing basis while MT bullish while above 1800 on a weekly closing basis. Hence play both sides of the market till a weekly close outside.
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