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Bullish Case Losing Strength as Pressure to Cover Fades

By Schaeffers Research March 16, 2026 Bearish
Bullish Case Losing Strength as Pressure to Cover Fades
“For the first time in nearly a month, Friday's S&P 500 Index (SPX—6,740.02) daily candle (high, low, and close) were below a range between 6,780 (the breakdown site of a bull channel in mid-November) and 6,920 (site of the late-October intraday high).
“For the first time in nearly a month, Friday's S&P 500 Index (SPX—6,740.02) daily candle (high, low, and close) were below a range between 6,780 (the breakdown site of a bull channel in mid-November) and 6,920 (site of the late-October intraday high).