$SPX Has More Upside Before the Short
I’m still leaning bullish on $S&P 500(.SPX)$ for now.
The key reason is the relative strength against $NASDAQ 100(NDX)$ . The bullish SMT remains in place, and more importantly, we still haven’t seen the bearish divergence at the highs that would make me comfortable taking the short.
That’s the signal I’m waiting for. 🎯
If $SPX pushes through last week’s high around 7770, but $NDX or $DJI fails to confirm the breakout, the picture changes quickly.
That would give us the bearish SMT I’m looking for — and that’s when I’ll start hunting for the short. 🔻
Until that happens, I’m not interested in forcing a bearish trade.
Let $SPX prove the reversal first. 👀
For now, the bias stays higher. 📈
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