Quantum_Maryland_Capital
Short

$SPX: Trying to Put the Pieces Together

FX:SPX500   S&P 500 index of US listed shares
101 0 1
Many things going on simultaneously.

We have a head and shoulders in play that broke, in part, due to a failed 5 wave move up but it did not tank the market. Only the right shoulder is shown.

And we have a bullish descending wedge which also affords resistance and so far has kept the bulls in the barn.

I think we could easily revisit 1973 or 1976 where there should be strong resistance and probable failure.
Friday’s can be great short days and if we are lucky we may visit the pesky trend line at around 2043 assuming the aforementioned failure.

To really have fun, we need to get below the 35 to 37 area which is the shoulder line on the H&S pattern. A measured move would take to 1960 ish             .

But how quickly this happens is open to uncertainty as seasonal weakness in an election year has historically begun in June https://www.mcoscillator.com/learning_center/weekly_chart/a_may-november_relationship/

On the other hand, this week concludes OPEX week in which buying is the order of the day

PS Changed to using company name from belloswede
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