S&P500 Bearish Breakout! What's Next?

20 Sep 2021

Hello,Traders!
S&P500 broke out of the rising wedge
With the gap, most likely on the fears
Of the Evergrande default crisis in China
Which might spark a chain default reaction
In China and across the globe
If Beijing does not intervene
Taking of the SPY, I don't think that this is the end
Of the bullish rally, but a healthy correction is needed
So I am expecting the price to drop
To the technically and psychologically important level of 400$
Which would give us a 10% correction from the all time high
From that level the growth shall continue
Until the FED stops its easing program
Sell!
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