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.
* 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.
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GOOD LUCK AND LOTS OF PROFITS !!
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