Let me tell you there are layers and layers of congestion area right above us....I am hoping that the recent sell off to the multi year lows have released a lot of those supplies above us.
Yet I am still hearing some pension funds still holding on to their positions above and waiting for SPX to reach 900 to break even....Its like a dream come true for these fund managers if this happens.
I did not enter shorts at the close, I was thinking maybe it is better to let the market have a chance at testing those highs to see what happens next.
Be warned that there are more resistance lines that could be drawn on the chart...this is just a summary....lol. Lost count of how many!
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