SPX - Headed lower in tandem with the Nasdaq 100 index

We are bearish on the SPX as we expect more weakness in the U.S. economy. Our view is based upon the combination of bearish fundamental and technical factors. Accordingly, we would like to set a new price target for SPX at 3750 USD and 3500 USD.

Technical analysis - daily time frame
RSI is bearish. Stochastic and MACD are turning bearish. DM+ and DM- are bullish. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame stays bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Trade closed: target reached:

Our price target of 3750 USD was reached.