Any rise above 2.580 would eliminate a possible head and shoulders pattern, wich is probalby widely expected to be completed soon. Any break above 2.586 would cause SL orders on shortpositions.
Even US Indices just fallen by a narrow maring of 1,5% some indicators showing clearly that bears are back:
- Sentiment Indicators such as CNN -15.15% Fear&Greed ("36", few points above "extreme fear") - Bloomberg Fear Greed Indicator - Cboe -0.93% Intraday Put Call Ratios (at year high) - Vix 13.29% (14,00)
Indicators above indicating a sharp short sqeeze if ever SPY / SPX rising above 2.600. This resist is not more fare a way than just a few points compared with the current levels.
High numbers of Bears likely based on this anticipated head and shoulders reversal pattern:
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SENTIMENT VIEW: AAII SENTIMENT SURVEY
29,3 % bullish 35,4 % neutral 35,2 % bearish
AAII Sentiment Survey: Pessimism has fallen by 10.0 percentage points over the past two weeks and is now at its lowest level since mid-September. aaii.com/sentimentsurvey
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EARNINGS: Wal-Mart's earnings, sales top Street expectations
Wal-Mart has brought brands such as Jet.com, Bonobos, Modcloth and Moosejaw into its portfolio. The big-box retailer is expanding curbside grocery pick-up service, beefing up its digital assortment and working with Amazon-rival Google on voice-activated shopping. Wal-Mart has also struck a deal with Lord & Taylor to sell the department store chain's brands on Walmart.com. cnbc.com/2017/11/16/wmt-q3-earnings-2017.html
US industrial production rose 0.9% in Oct, vs 0.5% increase expected U.S. industrial production was expected to rise in October, the second straight month of gains for the measure. The metric fell in August after Hurricanes Harvey and Irma battered the Gulf Coast and Florida. cnbc.com/2017/11/16/industrial-production-october-2017.html