S&P 500 IndexShort
S&P 500 more correction could be Likely in December!
Yesterday, S&P 500 lost 1.9% and closed below 50EMA, it also made 3 outside down patterns in the weekly candle and gravestone Doji in the monthly candle!
So far we have a constellation of Bearish patterns in Daily, Weekly, and Monthly charts! However, SPX is -3.77% away from the all-time high, and all previous corrections were below 10% since March 2020!
I think another 2 - 2.5% correction could be very likely in December! Do not forget in between we will have positive days!
You can see the most important support (green lines) and resistance (red lines) to watch in the coming days in these charts!
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
Reference article:
https://www.investopedia.com/terms/t/three-outside-updown.asp#:~:text=What%20Is%20a%20Three%20Outside,reversal%20of%20an%20existing%20trend.
https://www.investopedia.com/terms/g/gravestone-doji.asp
https://www.investopedia.com/terms/b/bulltrap.asp
Previous related analysis:
So far we have a constellation of Bearish patterns in Daily, Weekly, and Monthly charts! However, SPX is -3.77% away from the all-time high, and all previous corrections were below 10% since March 2020!
I think another 2 - 2.5% correction could be very likely in December! Do not forget in between we will have positive days!
You can see the most important support (green lines) and resistance (red lines) to watch in the coming days in these charts!
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
Reference article:
https://www.investopedia.com/terms/t/three-outside-updown.asp#:~:text=What%20Is%20a%20Three%20Outside,reversal%20of%20an%20existing%20trend.
https://www.investopedia.com/terms/g/gravestone-doji.asp
https://www.investopedia.com/terms/b/bulltrap.asp
Previous related analysis:
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