We broke down out of bearish rising wedge a leg up followed forming the a head and shoulders like pattern the best case I see for bulls is that we get maybe 1 more pop higher to best case just below 3200, but 2940 makes more sense for a top because it lines up with 61.8 retracement, possibly could pop bullish toward 78.6 retracement but based on this chart it makes more sense that we are topping here. This market is priced the same as October 2019 which doesn’t make sense because back then the economy was open, earning were much higher, and we weren’t in the worst inflationary depression that will make the Great Recession look like booming economy. The economic data couldn’t be worse, not that it matters to the market. Keep in mind we have fed put buying everything including stocks, I don’t know exactly how much cash they are funneling to banks to directly buy stocks. If you pull up a 200 ma it is higher than current price meaning long term trend is bearish. If we had a real market the fed stopped proving it up my target for spx would be 340 at least 90% lower. We are in the middle of vicious bear market anyway and it doesn’t make sense that an 11 year bull market will be followed by only a one month bear market.
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Forgot to mention still looking for higher low below 2970 if we are topping
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Set stops at around 2980
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That is minimal downside compared to the potential upside if we are topping here and have a big leg down