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Look to Trim Positions into Overbought Strength

the fact that the S&P is overbought as it fast approaching key overhead resistance suggested that upside gains could be limited. As for strategy, we’d look to trim positions into overbought strength, which might take the S&P closer to 2880 before a significant pullback unfolds

Bearish Bias for S&P

S&P could signal a downward trajectory, depending on how it closes over the next few days. Initial support is just above the lower boundary of the pink band, around 2824. If it closes below that level, the next leg is likely lower, and we’re looking at 2795-2750

High Probability that Tuesday Late-day Selloff Will Momentum

Tuesday’s bearish reversal bar together with the fact that the S&P is overbought as it test key overhead resistance suggesting that a short-term consolidation is inevitable. There’s a high probability that the late-day selloff will momentum but an undercut below the 2820 is needed before there is any real prospect of a change in the short-term uptrend pressure

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