Technicals are just icing on the cake. The bear market has likely only just begun.

The S&P 500 broke down from a major top. The bounce was bold, but now a gap-fill, Fibonacci 61.8% retracement, and gravestone doji. Record valuations and macro picture are the reasons to be short. Technicals are just icing on the cake. The bear market has likely only just begun.


h/t @crescatkevin

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