Where is the SP500 Bottom? My thoughts and support levels
SPY breaking to a lower low and losing $360.69 support since the pullback from all time highs. Next support is at $350 psychological and then $325 the previous all time high before the C19 dump. Watch for a bottom to be set around third/fourth week of October as per the dot com fractal perfection. I suspect we will bottom a week or two before US mid term elections and then I believe the market will rally after that when we get the FOMC rate decision. I believe they will turn dovish and will only increase by 25 BPS or maybe 0... Markets will fly if that is the case and we may see a potential rally into the end of the year. DXY also on month 9 without any consolidation so we will be expecting a blow off top around 120/125 IMO and then a massive correction to around 110/100 which will bode well for stocks/crypto:
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.