I have shown my proprietary indicator a couple of times now and as can be seen on the chart above it shows, that S&P 500 is in a topping process. It doesn't tell if the top is already in place or we need one more rally to a new high. I do believe we have the top in place with the test of 1,370.51 and we should now be headed for support at 1,248.83 and a break below that support will confirm the top. for a decline to at least 1,101.30 but more likely 1,018.19.
Short term resistance is now found at 1,294.98, which will ideally hold, but only a break above 1,345.06 will indicate, that we should see one more new high.
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