The decline in the S&P 500 has been in progress since the start 2022, and is
technically still in a decline until indicators prove otherwise.
We can see a consistent pattern of lower lows and lower highs, but early signs
show that a support level may have disrupted this pattern.
In early October 2022, price hit the weekly 200 simple moving average which
is acting as a strong support level. Since hitting this level, we have seen
a bounce to the upside.
This current move up could still be followed by another decline because it has
now hit the daily 200 simple moving average (not shown) and is reacting to
this level as resistance and finding it slightly challenging to get through.
The $4000 round number is also acting as resistance, so we need to see if
price will fail and fall back to support or even form lower lows.
A break above the cluster of resistance mentioned above should see the bull
rally resume and continue the uptrend. This is when we will begin looking for
long opportunities amongst our top stocks list to take advantage of the next
leg of the bullish market.
Patience as always for now, but we are edging ever so closer to jumping
into high-probability opportunities in the stock market.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
technically still in a decline until indicators prove otherwise.
We can see a consistent pattern of lower lows and lower highs, but early signs
show that a support level may have disrupted this pattern.
In early October 2022, price hit the weekly 200 simple moving average which
is acting as a strong support level. Since hitting this level, we have seen
a bounce to the upside.
This current move up could still be followed by another decline because it has
now hit the daily 200 simple moving average (not shown) and is reacting to
this level as resistance and finding it slightly challenging to get through.
The $4000 round number is also acting as resistance, so we need to see if
price will fail and fall back to support or even form lower lows.
A break above the cluster of resistance mentioned above should see the bull
rally resume and continue the uptrend. This is when we will begin looking for
long opportunities amongst our top stocks list to take advantage of the next
leg of the bullish market.
Patience as always for now, but we are edging ever so closer to jumping
into high-probability opportunities in the stock market.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
