Why the S&P 3 month chart paints a scary view for Stocks
We have been bearish on S&P since April 2022.
The bearish outlook is even more evident now with a HUGE DOUBLE TOP in the 3 months chart. This is the first time we have analyzed this pair in the 3 month chart and the divergence is obvious.
What does this mean for the S&P?
1) It is very unlikely it can move above 4600 to 4800 in the near future
2) There is a high probability that the pair is moving downwards. We are already in short from 4370.
3) The immediate target is 4275 but we looking at 4180 as the next target.
4) The long term target is 3600 and we will keep selling at any opportunity
In our mind, the stock market is in for a rough ride for the next 1 -2 years. Our prediction is that around 3000 by the end of 2024.
The bearish outlook is even more evident now with a HUGE DOUBLE TOP in the 3 months chart. This is the first time we have analyzed this pair in the 3 month chart and the divergence is obvious.
What does this mean for the S&P?
1) It is very unlikely it can move above 4600 to 4800 in the near future
2) There is a high probability that the pair is moving downwards. We are already in short from 4370.
3) The immediate target is 4275 but we looking at 4180 as the next target.
4) The long term target is 3600 and we will keep selling at any opportunity
In our mind, the stock market is in for a rough ride for the next 1 -2 years. Our prediction is that around 3000 by the end of 2024.
