S&P is going to get spanked. SPX
back on TradingView for a quick update on the S&P 500. This thing is not looking good. We have one awkward-looking, nuclear power plant style, head and shoulders here. The 100day MA is about to cross the 200day MA and also both are becoming resistance. From a technical perspective, this thing has COV_ID. From a fundamental standpoint in this economy, this thing has the black lung. The market is oversold and I am looking for a realistic crash level for the larger stocks to bring this ugly-looking chart back to reality around that 3,400 level. It doesn't mean it can't go back to the 2020 lows though. You would want to see that 3400 as a support level. If that break, this thing just jumped off the cliff, and bye-bye Biden. This election is not going to go their way.
I also jump into XLE right for a quick peek.
I also jump into XLE right for a quick peek.
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