As the 9&21W EMAs cross and a new local low printing after a SFP top, could the S&P500 be getting its first major correction since Jan 2022?
From a TA standpoint this kind of setup looks to be high probability with good R:R for the bears. Targeting the 1W 200 EMA is the most logical area as it remains major support and whenever tested holds strong.
From a bulls standpoint this is worrying but could be rectified with a reclaim of the 9&21 EMAs preventing a "death cross" from there acceptance above the high would be the next step to maintain the rally.
Fundamentals play a major role and the geopolitical world shows no signs of slowing down, perhaps the tariffs angle is introducing uncertainty in American companies? Or the index is just exhausted from 2.5 years of climbing? Either way the chart is an interesting one to monitor for now.
From a TA standpoint this kind of setup looks to be high probability with good R:R for the bears. Targeting the 1W 200 EMA is the most logical area as it remains major support and whenever tested holds strong.
From a bulls standpoint this is worrying but could be rectified with a reclaim of the 9&21 EMAs preventing a "death cross" from there acceptance above the high would be the next step to maintain the rally.
Fundamentals play a major role and the geopolitical world shows no signs of slowing down, perhaps the tariffs angle is introducing uncertainty in American companies? Or the index is just exhausted from 2.5 years of climbing? Either way the chart is an interesting one to monitor for now.
Note
S&P500 moving towards the target zone as the 9&21 EMA bands flip bearish, already trillions wiped from the market. Tariff talks still posing a risk, FOMC this week may introduce LTF volatility.
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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.