Simple pitchfork TA of the S&P starting around 1950. Before 1950 the data on TV seems to change how its plotted between 1W and 1M.
black center line
solid blue line is 1.0x
dashed blue line is 0.5x
solid red line is 2.0x
dashed red line is 1.5x
The analysis seems to show the S&P currently back under the 1.0x blue trend line after a being above it since April 2022. The cRSI is also showing the S&P reaching the oversold level, but clearly has room to go lower. I would not be surprised to see the S&P to spend some time testing this blue trend line. Back in Sept. 2001 the S&P spent about 7 months hovering along this line before capitulating in a big correction to the bottom in 2002.
It seems hard to see how the S&P will be able to go much higher and that all pressure is now to the downside. The blue dotted line at 0.5x seems like an obvious location in the next year or so (touch off the Jan 2020 high). Let's hope it does not head towards the center line or below that.
The correction that we have seen so far pales in comparison to many of the correction in the last 70 years. Even more hope that we don't see a return to the 70's where the market basically moved sideways for over a decade (actually 13 years: 1969-1982, you could even argue that it started in 1966).
1W
1D
black center line
solid blue line is 1.0x
dashed blue line is 0.5x
solid red line is 2.0x
dashed red line is 1.5x
The analysis seems to show the S&P currently back under the 1.0x blue trend line after a being above it since April 2022. The cRSI is also showing the S&P reaching the oversold level, but clearly has room to go lower. I would not be surprised to see the S&P to spend some time testing this blue trend line. Back in Sept. 2001 the S&P spent about 7 months hovering along this line before capitulating in a big correction to the bottom in 2002.
It seems hard to see how the S&P will be able to go much higher and that all pressure is now to the downside. The blue dotted line at 0.5x seems like an obvious location in the next year or so (touch off the Jan 2020 high). Let's hope it does not head towards the center line or below that.
The correction that we have seen so far pales in comparison to many of the correction in the last 70 years. Even more hope that we don't see a return to the 70's where the market basically moved sideways for over a decade (actually 13 years: 1969-1982, you could even argue that it started in 1966).
1W
1D
