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The S&P 500 index has been in an uptrend, but approaching a supply zone (resistance) around the 1390-1440 area. The level also confluences with the 78.6% FibR of AB.
Will be looking for shorting opportunities in the upcoming week(s).
Note: There is another supply zone around the 1480-1520 level – 88.6% FibR of AB in case price clears the 1440 level..