As expected , 840 level was the top, at least short term.
Of course we do not know for sure that this will turn into an important top yet but like I said and showed several times before, there are too many xTrends evidences that 840 area was the top that can possibly lead us to sub 600 level over the intermediate term. However, there are interim target levels before we get there. For example 750 area could be a decent ST support.
I am 80% short SP and ES from 840, I will be fully short on the first opportunity I get. (Watching 825 area on ES)
PS: This is a holiday-shortened week. Volume will likely decrease towards the weekend. Expect the market to extend intraday moves in the direction of the underlying trend.
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