Market at KEY Resistance Today

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There are signs the recent rally may be stalling. The S&P 500 Index (measured by futures ES1!) has retraced to the 50% of the ATH down to the 2/24/22 Ukraine invasion low. This morning there was a spike on the open to give confidence that this is in fact a resistance (see below).

Sentiment wise I am taking these price action signals as confirmation this is Resistance. This price action sets up a short trade with a stop loss above this morning's high and a target at the 50% of the recent rally to around 4300.

It is well within the character of the market over the last 3 months that it could come back to retest the FOMC levels.

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ملاحظة

30m Price action including this morning's spike high double top at Resistance