spx500 lost the 1st round
We had a bad week in the US stock market.
- SPX lost all its SMA lines and closed below them.
- A big red candle happened and the volume confirmed it.
In my opinion, the good news is that the spx has already completed its phase 4 (bearish) and the lower area of 3500 has been found as the end of the bear market.
The bad news is, the market has lost the fight to start a new phase 2 (breakthrough).
As a result, the logical and slightly optimistic scenario is to stay in a range between the main horizontal areas of 3800 and 4100 for a while.
don't forget, "Market is Dynamic."
- SPX lost all its SMA lines and closed below them.
- A big red candle happened and the volume confirmed it.
In my opinion, the good news is that the spx has already completed its phase 4 (bearish) and the lower area of 3500 has been found as the end of the bear market.
The bad news is, the market has lost the fight to start a new phase 2 (breakthrough).
As a result, the logical and slightly optimistic scenario is to stay in a range between the main horizontal areas of 3800 and 4100 for a while.
don't forget, "Market is Dynamic."
Related publications
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.