Recently I made an analysis on the SP500 where I pointed out that we bounced off the diagonal bear market resistance line. While the CPI on the 13th was initially perceived as bullish, bears came out in force and successfully defended the resistance. The FED interest rate hike statement was more bearish than initially anticipated, which gave bears the overhand.
At the moment, I think there's a small chance that we're going to reverse bullish anytime soon. I'm looking at the 3700 and 3500 as potential bearish targets.
Furthermore, the markets are still at risk of a capitulation event. The SP500 is following a very similar path to the 2008 bear market, which ended in a capitulation event. Too soon to tell, but good to keep an eye on.
At the moment, I think there's a small chance that we're going to reverse bullish anytime soon. I'm looking at the 3700 and 3500 as potential bearish targets.
Furthermore, the markets are still at risk of a capitulation event. The SP500 is following a very similar path to the 2008 bear market, which ended in a capitulation event. Too soon to tell, but good to keep an eye on.
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