SPX News by Simon Kazinsky on 06:55 June 25, 2018 EST
We are still awaiting for the current ascend to start giving signs of weakness. In fact, at the time of writing on Monday morning the SPX index is already 60 points down from its most recent top close to the 2,800 figure reached on the first half of June and now it sits on its first major support above 2,730.
Breaking below 2,730 opens the door to the 2,650 target and below there is a huge hole for shorts as the next level to watch on the weekly sits just below 2,450. Below there we can start considering the decade long bull market toasted.
For the time being there are too many short positions lined up for that journey that need to be shaken off before or as the fun begins. 6 out of every 10 traders are short the index.