SPX - Point of Confluence

23 בנוב׳ 2016

We have arrived at an interesting intersection. Yesterday's (11/22) high was 2204.8 and today's high was 2204.07, which is what we closed at. Today's candlestick looks strong. However we are entering an interest crossroads where we are hitting the ceiling of a 1.5 year trend line, running into an extremely high PE ratio, an impending rate hike, higher interest rates, and questionable future growth. Maybe its time for stocks to take a breather.