The stock market continues its impressive bounce. Swing traders are waiting patiently for key levels to trigger. To give an example, the S&P 500 just hit a 50% Fibonacci retrace. This tells technical traders and investors that the market is starting to hit some resistance. While it could go a little higher, many are smartly eyeing short trades.

When it comes to Alphabet Inc (GOOGL), there is an epic technical level at $1,277 that warrants close attention for a potential short. This level is a pivot point as well as a the 50% Fibonacci retrace level. In terms of pulling the trigger on a swing trade short on Alphabet, this is going to be the spot. The stock is still trading $70 away from that level but could get tagged in a matter of days.

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