following chart depicts the median home price to median family income using the FRED database. Current house price to income is at historical highs not seen since the end of WW2. The current housing market is one of the most unaffordable markets for the median house hold for the last 70 years.
Reason to be bullish :
1)ascending triangle pattern
2)above 200 week moving average
3)confirmation of MACD ascending
4)inflation entrenching
5) central banks buying gold
6) Black swan event : war escalation
7) Fed pivot imminent since BLS revised labor growth from 1 million to 10k for JUN to SEP ...
With the Fed tightening into a recession the S&P 500 is at high risk of returning to the pandemic lows of march 2021. The volume profile indicates that there might be resistance at the 2000s range providing swing traders with opportunities to gain 40% before the S&P500 index dropping to the 1000's range.
