S&P 500 IndexShort
RSI Predicts First Support
The strong SPX drop on 08/02/23 could be the begining of a bear phase into October 2023.
Daily RSI ON 08/02/23 reached 53.81 which is below the RSI reading made on 06/26/23 of 66.93.
This forecasts an SPX move down to that area which is near a Fibonacci .236 retracement of the October 2022 to July 2023 rally.
If the SPX reaches this zone it could be just a pause in a larger bear move to below the October 2022 bottom.
Daily RSI ON 08/02/23 reached 53.81 which is below the RSI reading made on 06/26/23 of 66.93.
This forecasts an SPX move down to that area which is near a Fibonacci .236 retracement of the October 2022 to July 2023 rally.
If the SPX reaches this zone it could be just a pause in a larger bear move to below the October 2022 bottom.
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