S&P 500 Index (SPX) Forecast 2022-2023
Updated
Hello friends, today I am reviewing the yearly linear scale chart for S&P 500 Index (SPX).
In the chart I noted:
1) The price has been rising consistently since 1989-1990 with the price moving up in an Arc Pattern since 2009.
2) The price touched the Arc trendline in 2009 and again in 2020. If the price comes down to touch the Arc trendline in 2022, that would be a 40% drop. If it comes down in 2023, the price would drop 30%.
3) In 2009, the price dropped around 38%. I took the RSI at that time and matched it with the RSI at the current levels. If the current price falls, the RSI may also fall to the 60 to 61 range.
4) The RSI (relative strength index) has had a long standing support and resistance at 60 to 61. There is also a long term bottom trendline on the RSI dating back to 1932, in case it falls further.
A drop in the price to meet the Arc trendline is coming up. Let's see if it is in 2022 or 2023?
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
In the chart I noted:
1) The price has been rising consistently since 1989-1990 with the price moving up in an Arc Pattern since 2009.
2) The price touched the Arc trendline in 2009 and again in 2020. If the price comes down to touch the Arc trendline in 2022, that would be a 40% drop. If it comes down in 2023, the price would drop 30%.
3) In 2009, the price dropped around 38%. I took the RSI at that time and matched it with the RSI at the current levels. If the current price falls, the RSI may also fall to the 60 to 61 range.
4) The RSI (relative strength index) has had a long standing support and resistance at 60 to 61. There is also a long term bottom trendline on the RSI dating back to 1932, in case it falls further.
A drop in the price to meet the Arc trendline is coming up. Let's see if it is in 2022 or 2023?
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
Short term possible move.
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