This is perhaps a little controversial, but my earlier observations are panning out, and worse than I had thought...
Basically, the S&P500 since the beginning of 2022 has been struggling. Called previously, based on weekly chart, the S&P500 futures to target 4140. It had since done that a couple of times. Yesterday, it revisited, only to close below support on BOTH the weekly and monthly charts. This was a prompt to look at the bigger picture, as something appears amiss here...
The monthly chart (right panel) shows that since 2008, the times taht the MACD crossed under the Signal line, the S&P500 returns to the 55EMA (orange line), and possibly below it (in 2008, 2011, 2020).
In Feb 2022, the MACD crossed under the Signal line. And today, we stand about a 1/3 of the journey down to the monthly 55EMA.
Using Fibonacci retracements, 3800 appears to be the next viable support, where the S&P500 meets and might bounce off the supporting 55EMA.
This is another 8-10% down from today, and opens the possibility for further downside should it fail the 55EMA.
3500 being the next support.
BEARISH... and the next weeks to months would be rather volatile to the downside.
Basically, the S&P500 since the beginning of 2022 has been struggling. Called previously, based on weekly chart, the S&P500 futures to target 4140. It had since done that a couple of times. Yesterday, it revisited, only to close below support on BOTH the weekly and monthly charts. This was a prompt to look at the bigger picture, as something appears amiss here...
The monthly chart (right panel) shows that since 2008, the times taht the MACD crossed under the Signal line, the S&P500 returns to the 55EMA (orange line), and possibly below it (in 2008, 2011, 2020).
In Feb 2022, the MACD crossed under the Signal line. And today, we stand about a 1/3 of the journey down to the monthly 55EMA.
Using Fibonacci retracements, 3800 appears to be the next viable support, where the S&P500 meets and might bounce off the supporting 55EMA.
This is another 8-10% down from today, and opens the possibility for further downside should it fail the 55EMA.
3500 being the next support.
BEARISH... and the next weeks to months would be rather volatile to the downside.
