Bearish sentiment still suggestive of a Wall of Worry

The ratcheting up in prices ahead of Powell’s Jackson Hole comments likely makes for a tricky situation in the short run.   SPX could likely find strong resistance directly overhead near 4214-4225, an area which would successfully fill the gap from 8/19 into 8/22.  This area also represents a 50% retracement level of the decline from 8/16.   Looking back, Thursday’s bounce coincided with a meaningful reversal in Treasury yields...

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