A double top formation has occurred in the S&P 500 at approx 1422 and 1426. Interesting note, last year, there was a triple top formation in Feb, Mar, and July before market really took the plunge.
The uncertain factor right now is Fed stimulus. If stimulus is a go, watch the markets soar. If not...well watch out. Unfortunately, gov't intervention isn't something you can really predict so just hold onto your horses for the announcement at the end of the week!
Also interesting to note from Bespoke Invest, the S&P 500 is currently at a decent high of ~70% of stocks above the 50 day moving average. While that is high, its not as high as the 80+ from earlier in the year. They also note the move out of defensive stocks into cyclicals which is typically a positive sign.
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