Image Source: Pexels

Blake Young just confirmed a double top on the S&P 500. The pattern broke today, and the first downside target is 6,057.

The index closed almost perfectly at the breakdown level. If it gets a small push lower tomorrow morning, the move accelerates.

Blake's minimum target erases all gains back to the November lows. If that level fails to hold, the double top becomes a full reversal with a path down to 5,627.

Every sector closed red today except utilities. That lone green sector tells you exactly where capital is flowing. Money is leaving stocks and moving into bonds, cash, and dividend payers.

Blake is now rotating into low beta, high dividend names that move roughly one third as much as the broader market. He has been building these positions for the past two weeks. Today's selloff validated that approach.

In tonight's video, Blake walks through the specific levels, sector shifts, and trade setups he is executing:

• The S&P 500 double top targets 6,057 first, with 5,627 as the extended reversal level if support breaks.
• Utilities were the only positive sector today, driven by bond strength and their role as fixed income substitutes.
• NextEra Energy NEE pulled back but held above its gap, keeping the long thesis intact alongside Dominion, Duke, and Sempra.
• Consumer staples have run 13 to 15% on the ETF and hit a key resistance level. Blake is tightening stops on names like Procter & Gamble, Kroger, and Costco.
• Blake is selling call verticals in technology and basic materials, targeting 35 to 40 cents of premium on spreads with a 2 to 3% probability edge.

Video Length: 00:08:09

More By This Author: