FX:SPX500 S&P 500 index of US listed shares
I see a lot of hopeful analysis that predicts behavior in the coming months but I don't see that playing out. The has never risen above 60 (except to clip 61 for two days) which indicates the downtrend may be continuing. Also, a loose, but still viable, seems to have appeared. Upward seems to be dried up and the test of the 200-day EMA seems to have been failed. There still a lot to see play out, but I'm thinking short for the foreseeable future, but will leave room for doubt based on how strong resistance will by at the 50-day MA's. Final target price looks to be as low as 1765.
Thanks for the feedback. It'll be interesting how long this bearish trend really plays out. I picked 1765 as the target price not just because of the 1.618 retracement, but also because it would represent a 17.8% correction, which falls in line with most of the predictions I keep seeing.
Just on update for today's bullish behavior. I set my stop loss at 2075. Price is approaching the 200-day MA at 2060 I would only change my stance to bullish if it crosses and stays. I don't foresee this happening yet. Also, hitting 2060 would make a much better gartley pattern anyways.