SPX has been moving upwards, forming a bearish consolidation pattern (Rising Wedge).
Morever, if we take our fib retracement tool and go from swing high to low, we see it reach the 618 fibonacci level of 3864.
For those in a long position, please take heed of this bearish pattern. However, this is only valid IF the pattern is broken down.
I will most like not get many likes on this post as it is bearish...
But I thought I should share this idea to you all.
The next two days are going to be very volatile in asset markets, due to the FOMC meetings. Trade Safe Friends <333
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Just another update guys
If SPX does continue to the upside, it would be filling the gap from 4036 to 4099.
For those who are unaware, Gaps will be filled 9/10 times. sooner, rather than later.
With that in mind, if SPX does resume its upwards movement, it would go align with the descending price channel it is in.
Please see my chart below with the bars pattern included:
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I'd like to give an update on the SPX chart. I hope you were able to win massively from a short position!! <3333
We see SPX find resistance at the 618 fib level, break the rising wedge pattern, AND have a failed retests
All 3 major confluent factors that we are expecting lower targets!!
If you think you've gotten awesome content from my TA, please smash that like (boost) button! It keeps me motivated to continue hitting the charts for y'all!!
I'd also love to see requests on any chart you'd like me to look at! So please leave a comment on what Analysis you'd like me to do! <333333
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SPX did break down from our wedge pattern.
However, happened to find the monthly level as our support.
We can deduce that SPX has now formed a LH in the mid time-frames.
Using our fib extension tool, the next overhang resistance is the 1.618 of 3967.
@CapeAfrican, correct. Amazingly - despite statement after statement of the obvious from Powell and others, there is still this "dream" held dear to the hearts of the stale bulls "that the Fed will Pivot and save us all". The Fed doesn't give a tinkers about speculators & the S&P - and the Fed is NOT there to save "your portfolio" Once the Fed starts moving in one direction, it stays on its course until its objective is achieved .... and we are at least 12 months away from containing the inflation genie..... in the meantime the Fed will continue to raise rates and drain liquidity.... assets prices go lower... any other view to this is a dream, nothing more - a desperate hope flickering in the dark that "someone, someday, somehow, SOMETHING" will rally the market and allow me to get out of this mess ... it's not going to happen. Santa ain't going to save you. Soon this realisation will dawn and selling will sweep through these indices like a hurricane ... just a view / just a view
kkandru
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Great work. But what if FED allows inflation to run hot? It'd turn out to be bull market for equities for sometime I think.