SPX Eyes 7000; Break Below 6900 Signals Bearish Shift

TRIGGER TRADES
01-14 10:36

$S&P 500(.SPX)$ looks corrective -> favoring one final push toward the 7000 level while price remains above the April multi-month trendline (~6900)

A decisive break below ~6900 would mark a bearish shift and signal that the larger reversal phase is underway.

Mid-term: Bearish as long as $NASDAQ 100(NDX)$ is below ATH -> keeping the bearish divergence intact.

We went into the close looking for a reversal at the 100% extension of the leg down, and it couldn't have been much cleaner.

SPX tagged the W=Y equality at 6936 to the tick and immediately ripped a 25-point rally off the level.

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