SPX just broke a major channel, this channel goes all the way back to the lows from march 2020, meaning it has been in play for more than a year.
This break is extremely important in my opinion, and a big drop is could definitely take place in the coming weeks.
We could easily see the S&P pull back 10-15% with the 1st target being around 3800 at the 200 MA.
We have many other signals indicating a "crash" is coming (most importantly the lumber/gold ratio which crashed), so this is not a time to swing for the fences.
Just watch out, the coming weeks could be brutal.
Any questions?
Good luck traders
Remember not to break your rules
Habib
This break is extremely important in my opinion, and a big drop is could definitely take place in the coming weeks.
We could easily see the S&P pull back 10-15% with the 1st target being around 3800 at the 200 MA.
We have many other signals indicating a "crash" is coming (most importantly the lumber/gold ratio which crashed), so this is not a time to swing for the fences.
Just watch out, the coming weeks could be brutal.
Any questions?
Good luck traders
Remember not to break your rules
Habib