There's been a lot of FUD going on in the market lately. Multiple days of several hundred point drops will do that.
Ignore the FUD, and read the tea leaves. Here's what the charts say to me:
SP500 remains in the bull wave channel which began nearly 10 years ago in March 2009. As long as the price remains in this channel, the bull market continues.
Red line is long term support. Blue is long term resistance.
Failure of the red support is bad. If 2940 is in fact the market high, then 2460 is the first short target and will likely be the first domino all the way down to 1580 -- perhaps even 1140-1200 if we retrace in a similar fashion to 2008/2009.
Right now, I think the price is more likely to go back up than down, but should the red line fail, GTFO.
Ignore the FUD, and read the tea leaves. Here's what the charts say to me:
SP500 remains in the bull wave channel which began nearly 10 years ago in March 2009. As long as the price remains in this channel, the bull market continues.
Red line is long term support. Blue is long term resistance.
Failure of the red support is bad. If 2940 is in fact the market high, then 2460 is the first short target and will likely be the first domino all the way down to 1580 -- perhaps even 1140-1200 if we retrace in a similar fashion to 2008/2009.
Right now, I think the price is more likely to go back up than down, but should the red line fail, GTFO.