S&P 500 (Daily Chart) - Time for a Rebound?

After our last predicted move down, the S&P 500 has been bearish for the past 2-3 weeks, and has fallen all the way to the target trendline.

While there is a high chance that this might lead to a bear market, there is an even higher chance of a small rebound first.

The key will be where the rebound ends.

If the rebound falters before testing the prior highs, then it could well confirm the new downtrend.

Note

Rebound has finally happened as predicted, but i think it is more of short covering rather than new buyers stepping in.

SynapseTrading

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