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.

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