Bearish on S&P 500

١٩ يناير ٢٠٢٣

ES1!

Reasons to remain short :
1. Trendline since the 2022 top is holding down.
2. 200 day moving average is acting as resistance
3. Recent top of 4035 perfectly aligns with the Fib retracement level
4. Today's bearish engulfing candle took off 4 daily lows

Immediate target will be to test the high volume node around 3860. With potential of breaking the recent lows of 3790.

Reaching 3500's is not too hard but may not hold that long....