All 3 times frames of the SPX500 points to further weakness of the SPX500 for the start of 2023.
The medium term downtrend since 140222 last year is still intact and stays well below the ichimoku cloud on the weekly charts.
A rebound on the day charts will only be successful if price breaks and HOLD above 4046 that may start the test of 4236 in the medium term.
LONG TERM PULLBACK SINCE 010622
MEDIUM TERM DOWNTREND SINCE 140222
SHORT TERM DOWN TREND SINCE 161222
PIVOT 4046
Short positions below 4046 for 3920 and 3167
Long position above 4046 for 3920 and 4996
The medium term downtrend since 140222 last year is still intact and stays well below the ichimoku cloud on the weekly charts.
A rebound on the day charts will only be successful if price breaks and HOLD above 4046 that may start the test of 4236 in the medium term.
LONG TERM PULLBACK SINCE 010622
MEDIUM TERM DOWNTREND SINCE 140222
SHORT TERM DOWN TREND SINCE 161222
PIVOT 4046
Short positions below 4046 for 3920 and 3167
Long position above 4046 for 3920 and 4996
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