S&P500 Bears pulling up 🚗📉

Hello, good day traders! 👋🤙

📰Fundamentally,

- Stocks fell to start the week as investors took a pause from last week’s big rally and digested a slew of corporate and economic news.

- “This week marks a bit of an information lull for markets as we’re past the brunt of third quarter earnings season, past the end-of-month/start-of-month economic data deluge, the busy holiday season is about to start, and we’re a mere seven weeks away from 2023,” said Goldman Sachs’ Chris Hussey.

- “But on the back of last Thursday’s encouraging CPI release, markets are contemplating the macro outlook, the possibility that inflation may have finally peaked, the path for rates from here, as well as the possibility of a recession,” he said.

- Earlier in the day, the major stock indexes came off their lows after Federal Reserve Vice Chair Lael Brainard indicated the central bank could soon slow the pace of its interest rate increases, providing some comfort to the market.

🤔On the technical front,

1.) Looking at the H4 chart, price tapped into my sell entry at 4011.74, where the 61.8% Fibonacci line is located.

2.) I have a pretty safe stop loss set at 4119.28 where the previous swing high and 78.6% Fibonacci line are located.

3.) I am looking to take profit at 3805.83 where the 38.2% Fibonacci line is located.

Sell Entry: 4011.74 📉

Take Profit: 4031.44 💲

Stop Loss: 4119.28❌