The S&P 500 set a new all-time high of 3,079 as of 4'Nov2019 having opened up with a gap above the key resistance level.

https://www.tradingview.com/chart/SP1!/r3p3wi5z-SP500-has-an-outstanding-gap-above-the-key-Resistance-level/

* S&P 500 continues to set records as risk appetite of some traders and the overall confidence in stock market are both rising.
* However, one should become really cautious of going Long at these levels since SP futures may likely hit the reversal point at around 3,100 level.
* Hence, looking at the market setting new records, this could be a relevant time to start reducing allocations to stocks and temporary sit out in cash until we see the correction to the EMA 200.
* Moreover, a gap that appeared on the 4th of November lies above the long-term trend channel and could as well indicate an ultimate phase of the market euphoria that presages the upcoming correction to the area of 2,900.

Pending trade signal

Sell @ 3,100.
Target: 2,920.
Stop-loss: 3,130.

Watch for our Updates to get real-time superior signals!

GOOD LUCK AND LOTS OF PROFITS !!

Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.

submitted by /u/Monfex
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