We are bearish on the SPX as we expect more weakness in the U.S. economy. Our view is based upon the combination of bearish fundamental and technical factors. Accordingly, we would like to set a new price target for SPX at 3750 USD and 3500 USD.
Technical analysis - daily time frame RSI is bearish. Stochastic and MACD are turning bearish. DM+ and DM- are bullish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame stays bearish.
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