Index : SP500 Index
Current Price : 2389.25
Status : Watching for further short Squeeze
The SP500 Index has been pushing higher putting pressure on the sellers. With the number of sellers still well outweighing the buyers, we see the potential for a further short squeeze as the sellers chase the market up to exit. The price action is currently contracting off the highs around 2400 and holding above 2377 support. If price action builds the higher low then we expect the squeeze to on. If price pushes lower below 2377, there will be respite for a while for the sellers as we see price make a deeper pullback.