As you know, we recently had the WORST Dow Jones single-day drop in history. (That's the last I'll speak of the DOW, now lets analyze a true index).
The S&P has shown us signs that maybe it's ready to correct too. We see the weakly chart giving us a STRONG candle at a top with extreme agreement across many indicators. We then see it make an attempt (arguably) at lower lows on the , confirmed by downward momentum.
SO WHAT'S NEXT?
Well of course we don't know- but here's my outlook based on the . We will see a pullback SOON. This pull back will take us up in to the area I have labeled POSSIBLE RANGE. From here- the market will decide what it wants. If it wants to remain we may see it get stuck in a range for some time, before breaking the ranging ceiling and achieving new highs. IF it decides to go , the pullback will result in a selloff and we will fall down to the levels listed on the chart.
HAPPY TRADING. QUESTIONS WELCOMED BELOW.
Interesting to see what the SPX will do from here.