Friday, September 23, 2022

SPX Update: SPX Nears Downside Target

Since last update, the market has continued to trend lower (as expected at every time frame in recent updates), so still not much to add to the last few weeks of updates.  First up is last update's near term chart:

Next, SPX has finally broken below the blue trend line, and was rejected on the first attempt to overcome it from below:

Big picture, no change -- all roads have ultimately led to Rome in recent updates, and Rome is finally now within site:

In conclusion, weeks ago I suggested that SPX was heading toward a retest of the yearly low, and SPX is finally now within spitting distance of that low.  Keep in mind that "retests" of major lows and highs are zones, not exact to-the-penny things.  So far, this has the feel of a market that is having a hard time finding buyers, but that can always change as the low approaches -- though whether it will change or not is unknown at present.  Trade safe.

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