SP500 has an outstanding gap above the key Resistance level !!
**The S&P 500 set a new all-time high of 3,079 as of 4’Nov2019 having opened up with a gap above the key resistance level.**
[https://www.tradingview.com/chart/SP1!/r3p3wi5z-SP500-has-an-outstanding-gap-above-the-key-Resistance-level/](https://www.tradingview.com/chart/SP1!/r3p3wi5z-SP500-has-an-outstanding-gap-above-the-key-Resistance-level/)
https://preview.redd.it/3rnbbmp31pw31.png?width=1188&format=png&auto=webp&s=8d6c2fddd4d46078758cd63140806df9ec350826
\* [S&P 500 ](https://www.tradingview.com/symbols/FX-SPX500/)continues to set records as risk appetite of some traders and the overall confidence in stock market are both rising.
\* However, one should become really cautious of going **Long** at these levels since [SP ](https://www.tradingview.com/symbols/NASDAQ-SP/)[futures](https://www.tradingview.com/ideas/commodities/) may likely hit the reversal point at around 3,100 level.
\* Hence, looking at the market setting new records, this could be a relevant time to start reducing allocations to stocks and temporary sit out in cash until we see the correction to the [EMA](https://www.tradingview.com/ideas/ema/) 200.
\* Moreover, a gap that appeared on the 4th of November lies above the long-term trend channel and could as well indicate an ultimate phase of the market euphoria that presages the upcoming correction to the area of 2,900.
**Pending trade signal**
Sell @ 3,100.
Target: 2,920.
Stop-loss: 3,130.
**Watch for our Updates to get real-time superior signals!**
GOOD LUCK AND LOTS OF PROFITS !!
*Disclaimer*
*This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*