S&P500 dips as growth stocks drag on 📉

Hello, good day traders! 👋🤙

I'm looking for a potential sell 📉 setup for $S&P 500 Index (.SPX.US)$ , with both fundamental and technical indicators to back it up.

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📰Fundamentally,

Wall Street was mostly lower at the start of a holiday-shortened week, as investors weighed the prospect of prolonged restrictive Fed policy against China's relaxation of strict zero-COVID rules.

Interest rate sensitive growth stocks weighed the most heavily, dragging down the tech-heavy Nasdaq the most. The S&P 500 joined the Nasdaq in the red, while the Dow was slightly green thanks to value stocks.

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🤔On the technical front,

1.) Looking at the H4 chart, my overall bias is bearish with the price below the Ichimoku cloud, indicating a bearish market.

2.) Price has tapped into my sell entry at 3869.40 where the 38.2% Fibonacci line is.

3.) Stop loss will be set at 4100.51, where the recent swing high is.

3.) I am looking to take profit at 3636.87 where the 78.6% Fibonacci line is located.

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Trade Entry recommendations:

Sell Entry: 3869.40📈

Take Profit: 3636.87 💲

Stop Loss: 4100.51❌

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