The rally has stalled at resistance

TopdownCharts
05-11

Learnings and conclusions from this week’s charts:

1. The rally has stalled at resistance.

2. Seasonality is signaling imminent downside risk.

3. Yet speculative risk sentiment is recovering.

4. And there are many minds that could change (from bear to bull).

5. Recession risk/talk is rising (and could be the key decider).

Overall, a bull-bear stalemate has set in, and there are about as many things that bulls can point to that bears can also list when it comes to reasons for their views.

As for where the market is sitting, it’s a window of optimism (and anxiety) for both bulls and bears with the floor and ceiling set (and a possible third option also lying in wait!)

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2506(ESmain)$ $Cboe Volatility Index(VIX)$ $Invesco QQQ(QQQ)$

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