VIX6 – SPX Trade Update #3

Market Context
Good day Insiders,

Well, here we are! The SPX is above 2600 and taking those who are short out with a vengeance. At the time of this update, the SPX is trading at 2616 and the more I look at price action, the more I see the buyers losing steam. Having hit an intra-day high of 2623 and retreating, the key level to watch will be a close above 2628. Closing below this level will imply this rally is losing steam, above will likely confirm the bulls have possession and a turnover is unlikely, for now anyway.

The Trade
No trade or adjustment, just market content and price levels to watch.

Risk & Reward
A low of 2562 less than a week ago and here we are +50 SPX points higher. Are the bulls getting tired?