S&P 500 Index Update

23 בנוב׳ 2022

At the request of one of our great followers, I am sharing an update on the SPX.
I hope you enjoy/like it TheKitchenTrader

Ok, let's get started.

This is an easy chart to read but we cannot predict yet, I will still give you my view and some projections.

The first thing to keep in mind is our long-term view/perspective.
The market is not done with its mayor bearish cycle.
You can see it in full here: 25 Trade Ideas Predicting The SPX Crash | Where Is The Bottom?

We can see a major downtrend.
Ever since January 2022 wee see the SPX going lower.
Any recovery can be explained as simple corrections.

We see lower lows and lower highs.
At the same time we see two major rejections on the MA200 indicator in April and August 2022.

As we continue with the current corrective move, the SPX is about to face both, the major down-trendline as well as MA200.

With the feds still set to raise interest rates, we can expect another rejection which would signal lower prices.

CHANGE
If the SPX can move and close above 4220 the bulls can gain control of the chart.

The upward correction can be extended above MA200/down-trendline and then the drop resumed.

The only thing that can save us now is some good news (positive fundetamental development)... Which we have none.

We are still short mid- to long-term.
Short-term we have a clear bullish bias... With its caveat explained above.

Thank you for reading.

Namaste.