Quick Note: Back to back bearish engulfing candles on the SPX - unwinding all the gains from the Powell presser last week. The short term onus shifts back to the bulls after making a lower low. For starter's the bulls will need to reclaim ES 3955-65 area with support below at 3940 and 3915 which if lost targets 3870-80. In my opinion, traders have shifted their focus to mounting recession fears as evidenced by the bond market action vs the stock market. Lower rates have not emboldened buyers of late. With that being said, we have yet to break symmetry or count a clear impulse down so let's monitor how any bounce attempt unfolds.
Administration Note: I will be traveling from (12/15-12/22).
Please take a moment to look at the trade ideas.