SPX has been on been on a clear downtrend for obvious reasons we're all aware of and has had its relief rally (ABC correction) that I have posted about before at the most recent major low/bottom.
The question now is whether or not markets will continue the long-term down trend from this point forward. Personally I believe reality will come back to the markets after the holidays pass and will continue to the downside for a 2023. Aside from that we do have a nice rejection from the major trend line and a bearish engulfing candle on the weekly TF. Confirmation on the downtrend continuation would be putting in a lower high on the daily TF after just putting in a new lower low. With all that being said it will be important the watch for any potential reversals along the way as it may result in a longer term bullish price action pattern. (Head and shoulder/ Double bottom )
Let me know your thoughts in the comment section and keep in mind this is purely technical analysis . This post has no regard for future news/plans/or fundamentals that may affect the markets in the future and I am no financial advisor
The question now is whether or not markets will continue the long-term down trend from this point forward. Personally I believe reality will come back to the markets after the holidays pass and will continue to the downside for a 2023. Aside from that we do have a nice rejection from the major trend line and a bearish engulfing candle on the weekly TF. Confirmation on the downtrend continuation would be putting in a lower high on the daily TF after just putting in a new lower low. With all that being said it will be important the watch for any potential reversals along the way as it may result in a longer term bullish price action pattern. (Head and shoulder/ Double bottom )
Let me know your thoughts in the comment section and keep in mind this is purely technical analysis . This post has no regard for future news/plans/or fundamentals that may affect the markets in the future and I am no financial advisor