SPX - SPX is due to drift lower
Updated
We continue to be bearish on SPX. Because of that, we would like to set a new short-term price target for SPX at 4100 USD. We would also like to set a medium-term price target of 4000 USD.
Technical analysis - daily time frame
RSI and MACD are bearish. Stochastic oscillates in the bearish area; however, it points to the upside. DM+ and DM- are bearish. ADX reflects a strong downtrend. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX grows which is bearish. All this coincides with the condition observable in QQQ. Overall the weekly time frame is bearish.
Illustration 1.01
Similarities in the condition of SPX and QQQ are detailed in the idea above.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Technical analysis - daily time frame
RSI and MACD are bearish. Stochastic oscillates in the bearish area; however, it points to the upside. DM+ and DM- are bearish. ADX reflects a strong downtrend. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX grows which is bearish. All this coincides with the condition observable in QQQ. Overall the weekly time frame is bearish.
Illustration 1.01
Similarities in the condition of SPX and QQQ are detailed in the idea above.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade active
SPX made a low at 4106 USD. Our short-term price target of 4100 USD stays in place.
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