At The Inflection Point — Now What?

Tricky

We’re right at a key inflection. SPX is pressing into key technical resistance just as positioning has been aggressively unwound.

This is a tricky spot: the downside has largely been de-risked, but conviction on the upside isn’t there yet. With equities beginning to decouple from oil and shorts building into the move, the setup is becoming less about direction and more about whether this turns into a squeeze.