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Stalking the S&P 500 Price Top Attempt

The S&P500 Index recently capped a bull run that went from about 1870 at the end of September to about 2115 at the beginning of November. As we can see in the daily chart, the rally has since stalled. 

SP500 4H Chart 11/10

(click to enlarge)

We are also seeing price break below a rising trendline, though not very convincingly yet. The thing is, price broke the pattern of higher highs and lows when it cracked the 2070 support. However, price was not able to clear this low, so at best the market is neutral-bullish, and not yet considered bearish. 

S&P 500 Daily Chart 11/10

(click to enlarge)

Now, if price rallies and holds below 2100, we can have more confidence that a price top is forming for the short-term. In the very short-term, I would limit the bearish outlook towards the 2020 support/resistance pivot, although there is downside risk towards 2000. 

If price falls back to 2000, it will challenge the consolidation range formed in late October through September. Actually, the 1980-2000 range involves many common support and resistance pivots and is a highly critical area. A hold above 2000, as I noted, should provide confidence for the bullish outlook, while a break below 1980 should open up the lows around 1880 and around 1840.