S&P500 currently in a sell 📉📉📉

Hello, good day traders! 👋🤙

📰Fundamentally,

- S&P 500 futures fall slightly ahead of more retail earnings before the Thanksgiving holiday

- Investors have been reflecting on the strength of the recent bear market rally, which kicked off earlier in the month with the October consumer price index reading and gained some steam with last week’s reading on wholesale prices.

- Traders last week were hung up on messaging from Federal Reserve officials, who were less impressed with the figures and reassessed their optimism around the possibility of slowing inflation.

🤔On the technical front,

1.) Looking at the H4 chart, price tapped into my sell entry at 4031.44, where the 61.8% Fibonacci line is located. Adding confluence to my sell area, there is a market gap that was filled.

2.) I have a pretty safe stop loss set at 4156.89, slightly above 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: 4031.44📉

Take Profit: 4031.44 💲

Stop Loss: 4156.89❌