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SP500 | SPY - Bottom for the bearmarketIf we look at the rising trendline from 2008 you can see that we have a strong support there around 320 SPY . The fibonachis line up pretty well with that too. We also have strong support around that level from the coronadays. If you measure in M2 supply you can clearly see that we should atleast go down to 2000 levels, low as 2008 may be a overreaction. With the current market condition, high rates + high inflation + energy crisis + credit card debt at ATH I believe we should go lower down. RSI does also point that we should go lower if we are going into a similiar bearmarket as 00 and 08. The drop from top to bottom will be lower than 00 and 08 but there is many more people invested in the market today than it was at that time, which will make a difference. We also dropped 2 years ago during covid, and that was a massive drop, due to that drop we may not need to drop as much as 50% this time. During the coming earnings this Q1, We will see many companies with lower earnings . Due to lower spending from customers, expensive goods and a smaller workforce. 320 SPY may be the bottom and that is where I will start buy. The road to that bottom could vary, The potential for more upside is still likely but if so we need to break the decending trendline which will be very hard to break. NFA DYOR Good Luck /aFinancialMind
AMEX:SPYShort
by WealthNode
This is it! - finally! - Entering bearmarket SP500After the Shoulder-Head-Shoulder formation, SP500 fired a hit 'n' run candle, which was quickly dismissed. After that, 2 attempts where made to recover, only to be rejected near shoulder level. This time, it hit the vertical neckline once, and it'll problably hit i twice before being rejected again. .......and history will repeat it self, and the pattern and method will be the same as back in june 2015 where the bullmarket should have ended (before Trump got in the way). BHN, 05-09-2017
FX:SPX500Short
by brianhimmelstrupnielsen