Today I am charting the S&P 500 (SPX) on a monthly chart over a multi-year period.
The chart has various drawings noting support areas on the way down. I have also shown the Great Recession crash with a 56% drop. Assuming the same, the S&P 500 would come down to the 2,100-2,300 range which falls in line with the 0.618-0.65 Golden Pocket Fibonacci Retracement. If the SPX goes below the golden pocket, it is headed to the 0.786 at around 1,500 which is major support. The volume year over year has been dropping as well. Lastly, RSI has a chance to keep falling as it is sitting on a major support line right now.
This is a multi-year chart so don't expect everything to move quickly. When zooming out, the SPX looks bearish.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk