He is a bit cleared out chart for my long term view on the SPX.
I think (as was saying all year long), that we will revisit 2020 lows and ideally make a higher low at 2855SPX or if super weak low 2400 (less odds at this point) by Mar/Apr 2023.
If there is a H&S playing out and we will know soon enough, then the price should get down to 3k zone
My ideal target for this year low is at 3212SPX with min 3389SPX (which I think will be sliced/wont hold long if tested)
Maj support going into Nov 10-11th low is at 3610 to 3656 SPX, where 3610SPX is the maj support.
Below 3610SPX the price will test min 3543-56SPX is not all the way to re-test Oct 13th lows.
If in fact that happens, then the move down to 3389 and ideally 3212SPX will be very fast and will bottom on Nov 21-22nd.
Ideally we test 3389SPX level on Nov 21-22nd, rally up back to 3545-55SPX and ideally back to 3610-55SPX by EOM and make a final low in Dec either at 3212 or that mid 3k zone.
I do think 3k will be a very solid support and will hold this year.
This year is a pure bear market and so many still expecting a Santa Rally, I think we get Santa Crappy instead.
So after a good size rally (13-18%) from Dec lows to mid Jan high
Early next year it will be a perfect scenario where the price dives down to 2855 and low 24 handle to mark the bottom of the whole move down from Jan highs.
Then I think the price will start to move up with the money flow from the European countries and other countries to a safe heaven - the US stock market.
DOW will benefit the most imo, so I expect DOW to outperform, SPX to follow.
That high might be a double top sometime in 2026 and then another move down to 1550SPX zone by 2030-32
So if played right and give enough time to your trade, a lot of money can be made playing long term/swing this pathway
Have a good night, tomorrow will be interesting, expect a lot of volatility to hit the market going all the way till Christmas time
I think (as was saying all year long), that we will revisit 2020 lows and ideally make a higher low at 2855SPX or if super weak low 2400 (less odds at this point) by Mar/Apr 2023.
If there is a H&S playing out and we will know soon enough, then the price should get down to 3k zone
My ideal target for this year low is at 3212SPX with min 3389SPX (which I think will be sliced/wont hold long if tested)
Maj support going into Nov 10-11th low is at 3610 to 3656 SPX, where 3610SPX is the maj support.
Below 3610SPX the price will test min 3543-56SPX is not all the way to re-test Oct 13th lows.
If in fact that happens, then the move down to 3389 and ideally 3212SPX will be very fast and will bottom on Nov 21-22nd.
Ideally we test 3389SPX level on Nov 21-22nd, rally up back to 3545-55SPX and ideally back to 3610-55SPX by EOM and make a final low in Dec either at 3212 or that mid 3k zone.
I do think 3k will be a very solid support and will hold this year.
This year is a pure bear market and so many still expecting a Santa Rally, I think we get Santa Crappy instead.
So after a good size rally (13-18%) from Dec lows to mid Jan high
Early next year it will be a perfect scenario where the price dives down to 2855 and low 24 handle to mark the bottom of the whole move down from Jan highs.
Then I think the price will start to move up with the money flow from the European countries and other countries to a safe heaven - the US stock market.
DOW will benefit the most imo, so I expect DOW to outperform, SPX to follow.
That high might be a double top sometime in 2026 and then another move down to 1550SPX zone by 2030-32
So if played right and give enough time to your trade, a lot of money can be made playing long term/swing this pathway
Have a good night, tomorrow will be interesting, expect a lot of volatility to hit the market going all the way till Christmas time