Quick Take: Market Nearing Short Term Top

stock market, stock chart, technical analysis, investing

By Andrew Nyquist
With today’s push above 1224, the S&P 500 has perfected a TD 9 sell set up, which should produce a downside reaction sometime over the next 4 days.  I wrote about this possibility yesterday morning here.  Note also that the SPX is close to breaking above its 2+ month highs in and around 1230.  This could be a good area for a pullback.

Even if the SPX closes strong today, it will encounter resistance around 1250, the previous scene of the crime, where the market broke down in early August.  1245-1250 is also a measured move off the 1075 lows.  Be careful here.

stock market, chart

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No positions in any of the securities mentioned at time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.