S&P 500 Index Bearish Potential
Updated
Let's have a look now at the S&P 500 Index (SPX).
Let's start by looking at the daily chart, things are no good:
Here we can appreciate a TOP pattern formation showing up (in yellow).
The SPX closed below EMA50 daily and is now trying EMA100 (4572) as support.
We have bearish indicators and lots of room for lower prices... Let's go to the weekly now.
--
The main chart above is the weekly one.
We can see a perfect uptrend after the March 2020 crash. No strong corrections for almost 2 years.
Now, we have the SPX moving below EMA21 and EMA10 this week with bearish indicators.
The bear volume is also predominant on this chart.
We are aiming lower!
Conditions for change
Just as with the NASDAQ chart, this analysis is invalidated if prices move and close weekly above EMA10.
Thank you for reading.
Namaste.
Let's start by looking at the daily chart, things are no good:
Here we can appreciate a TOP pattern formation showing up (in yellow).
The SPX closed below EMA50 daily and is now trying EMA100 (4572) as support.
We have bearish indicators and lots of room for lower prices... Let's go to the weekly now.
--
The main chart above is the weekly one.
We can see a perfect uptrend after the March 2020 crash. No strong corrections for almost 2 years.
Now, we have the SPX moving below EMA21 and EMA10 this week with bearish indicators.
The bear volume is also predominant on this chart.
We are aiming lower!
Conditions for change
Just as with the NASDAQ chart, this analysis is invalidated if prices move and close weekly above EMA10.
Thank you for reading.
Namaste.
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