This chart shows the baseline of the Ichimoku Cloud for the monthly candle of the S&P 500 (SPY) ETF. We've finally reached a level that virtually always supports the S&P 500 outside of recessions. It is likely that prices will find a significant bottom here. However, if inflation continues to spiral and prices drop significantly below this level, then it is quite likely that the economy will enter a recession (if one hasn't already begun).
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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.