SP500- Doomed for a 500 points drop
In my yesterday analysis, I said that SP500 is facing a very strong sell zone above 4.1k and a drop is possible from now on.
CPI data triggered this drop and the index fell hard putting in an immense bearish engulfing on our daily chart.
I expect a resumption of the trend that started at the beginning of the year and is very possible for SP to visit the pre-pandemic high at 3.4k zone.
At this moment the price is 3950, just above confluence support given by the horizontal trend line and the rising trend line started in June and a corrective rally can follow.
This rally should be considered a good selling opportunity by traders and ONLY a break back above 4.2k would change this strongly bearish outlook
Best of luck!
Mihai Iacob
CPI data triggered this drop and the index fell hard putting in an immense bearish engulfing on our daily chart.
I expect a resumption of the trend that started at the beginning of the year and is very possible for SP to visit the pre-pandemic high at 3.4k zone.
At this moment the price is 3950, just above confluence support given by the horizontal trend line and the rising trend line started in June and a corrective rally can follow.
This rally should be considered a good selling opportunity by traders and ONLY a break back above 4.2k would change this strongly bearish outlook
Best of luck!
Mihai Iacob
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