S&P Down?
In 2008, S&P formed a double top, with the first bearish candle sparking the dip was a high of 1550.
Thereafter, the dip lasted approximately 2 years and 4 months from November 2007 with the first monthly bullish candle on March 2009.
It took about 4 years for prices to climb back to the previous high.
Price formed a support around 2500-2600 on the monthly chart. This price point was re-tested when COVID shook the world.
Price action was a higher high into support. As we tide over the COVID impact, it slingshot the market to new highs.
Today, with inflation at a high, rising interest rates, and recession looming, the S&P index is down approximately 15% from the top.
Very strong bearish candles have been printed since January 2022, with major support areas on a daily chart tested multiple times. Prices broke through on week of 2 May 2022, and closed below support.
Will prices continue to dive down? With current price action, I would expect price to come down to a stronger area of value before continuing to climb, considering the bullish strength and sentiment of the S&P in a bigger picture.
2 Key areas I'm looking out for are the 3700-3800 and perhaps the 3200-3300 area.
Thereafter, the dip lasted approximately 2 years and 4 months from November 2007 with the first monthly bullish candle on March 2009.
It took about 4 years for prices to climb back to the previous high.
Price formed a support around 2500-2600 on the monthly chart. This price point was re-tested when COVID shook the world.
Price action was a higher high into support. As we tide over the COVID impact, it slingshot the market to new highs.
Today, with inflation at a high, rising interest rates, and recession looming, the S&P index is down approximately 15% from the top.
Very strong bearish candles have been printed since January 2022, with major support areas on a daily chart tested multiple times. Prices broke through on week of 2 May 2022, and closed below support.
Will prices continue to dive down? With current price action, I would expect price to come down to a stronger area of value before continuing to climb, considering the bullish strength and sentiment of the S&P in a bigger picture.
2 Key areas I'm looking out for are the 3700-3800 and perhaps the 3200-3300 area.
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