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S&P 500 Inverted Pin Bar @ Multi-Year Highs | Jan 16th

Hey Traders,

I'm looking at several of the major indices, particularly the S&P 500 which is not really inspiring bulls by the price action just under the multi-year highs at 1475. I'm anticipating a possible bull trap breakout, so if you see an upside breakout and failure, this could be the start of some solid selling.

Bulls can though look for corrective pullbacks towards 1450, or for a solid breakout pullback above the key level.

Also note the inverted pin bar from monday, suggesting it has been underpinned as of late.

(click to enlarge)Click to enlarge

Good hunting for today!

Kind Regards,

Chris Capre