S&P 500 at a Crucial level!

1 Okt 2023

The index finds itself at a pivotal crossroads, where a decisive move in either direction can shape the dominant trajectory in the coming months. A fresh all-time high (ATH) could be in the offing should the index breach the resistance zone, yet crossing the threshold of the yellow support zone might usher in a descent toward the green support area.

Additionally, it's prudent to watch the Dollar Index (DXY), given the historical tendency for the S&P 500 to exhibit inverse movements relative to the DXY.

There are several indicators and global economic events that suggest the market will continue to decline. For example, median home prices are contracting sharply, reaching levels last seen in 1970 and 2008, both years which experienced severe economic downturns.