On Daily Basis:
SPX (S&P 500) is currently facing a strong resistance at 4170 and also the retracement of the fall which could be D Impulsive wave. 200 DMA is at 4338, another resistance. Level of 4145 is 50% retracement of C Impulsive wave down and currently it has closed on week at 4145. RSI made a double bottom on weekly basis and turned its trend upwards. SPX is at neutral zone right and there could be a decisive move either side which could be massive. All the major world indices and precious metals have corrected in a similar fashion, and waiting for a decisive move. SPX breached 50 DMA and any sustainable move above 4170 could indicate a trend reversal, we may witness a bubble rally. It is at a crux point and difficult to determine a trend. Any major decisive move upward may prove that ABC correction wave of entire Bull run from COVID low in March 2020 has been completed. Secondly, SPX should fall immediately which should be fast and swift, then we can say that D impulsive wave is over with E impulsive wave in progress for capitulation. Right now view stands neutral.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
SPX (S&P 500) is currently facing a strong resistance at 4170 and also the retracement of the fall which could be D Impulsive wave. 200 DMA is at 4338, another resistance. Level of 4145 is 50% retracement of C Impulsive wave down and currently it has closed on week at 4145. RSI made a double bottom on weekly basis and turned its trend upwards. SPX is at neutral zone right and there could be a decisive move either side which could be massive. All the major world indices and precious metals have corrected in a similar fashion, and waiting for a decisive move. SPX breached 50 DMA and any sustainable move above 4170 could indicate a trend reversal, we may witness a bubble rally. It is at a crux point and difficult to determine a trend. Any major decisive move upward may prove that ABC correction wave of entire Bull run from COVID low in March 2020 has been completed. Secondly, SPX should fall immediately which should be fast and swift, then we can say that D impulsive wave is over with E impulsive wave in progress for capitulation. Right now view stands neutral.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
