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S&P 500 Index

SPX

By CBMMR
Updated
Arrows are ABC wave. I do not see the wave being completed, though I will be requiring stronger indications of a move to a new low until economic data is filtered through the market. If the wave is completed, what ensues after will rival Tulip Mania. For those thinking the market may be bottoming, I would recommend finding another instance in which rates dropped to levels so low, correlating such an increase in stock prices as steep as we've seen. The only instance is 1929. If you haven't heard of the panic of 1907, firstly you are oblivious to the market we are in, and secondly, you'll notice we have doubled the magnitude of the 1929 bubble. So, no, bottom is not near relative to both time and price.
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Still not convinced new lows coming in the immediate. Watching $3710, then $3650. If those are taken out, looking for a move to the $3200 area. $3195 is the 61.2% Fib level from the COVID Crash bottom to the ATH, so there could be a big rally if it is reached.
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This is transpiring quite nicely.
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Down from here.
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Didn't expect this to play out. Don't see it reaching new highs anytime soon.
SPX (S&P 500 Index)S&P 500 (SPX500)Trend Analysis
CBMMR

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