SPX SLOPPY (DOUBLE) TOPPY BY EARLY OCT.
The ascending wedge since the March 2023 SIVB bailout is obvious.
The price action since the bailout, has been in "Up Only Mode" and looks like a double top is forming for SPX.
SIVB is the one bank that supports the Top 8 stocks in the S&P by Market Cap alone as they are all Tech-driven or standalone Tech. If the price action for BTC is any indicator for a "risk-on" environment, and its price is starting to correct while DXY (USD) is recovering from this double bottom, then people are recognizing it's time to throw in the towel, and taking profits.
EMAs and major Fibs are your best friend right now.
I cannot speak on employment numbers at this time since most of the layoffs have taken in these Top 8 companies, while the rest (for the most part) have remained fairly stable.
Only time will tell if this bear cycle sees a massive spike in unemployment from the private sector, as well as public.
The price action since the bailout, has been in "Up Only Mode" and looks like a double top is forming for SPX.
SIVB is the one bank that supports the Top 8 stocks in the S&P by Market Cap alone as they are all Tech-driven or standalone Tech. If the price action for BTC is any indicator for a "risk-on" environment, and its price is starting to correct while DXY (USD) is recovering from this double bottom, then people are recognizing it's time to throw in the towel, and taking profits.
EMAs and major Fibs are your best friend right now.
I cannot speak on employment numbers at this time since most of the layoffs have taken in these Top 8 companies, while the rest (for the most part) have remained fairly stable.
Only time will tell if this bear cycle sees a massive spike in unemployment from the private sector, as well as public.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.