Hello Fellow U.S. Investor/Trader, Here's a Technical outlook of S&P500!
Chart Perspective
S&P500 is forming ascending broadening wedge pattern after rejecting the resistance area. Furthermore, The MACD indicator created a death cross, which confirmed a potential downside momentum to the target area.
There are also worsening macroeconomic conditions such as a high inflationary environment (8.6% Inflation Rate) and the declining Consumer Confidence Index. The Fed responded to the high inflationary environment by doing Quantitative Tightening and raising the interest rate, potentially increasing the probability of a further move downward on the S&P500.
*All the explanations are presented on the chart*
*The Outlook will be active after the price hits the confirmation line.
The roadmap will be invalid after reaching the target/ resistance area.
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put Long or Short Position in the Index".