SPX Spring 2023 Outlook (Weekly)

After managing to break the white line, the great line so many talked about as resistance or bull market (if broken), SPX looks to use it as support for the remainder of Spring.

There is no indication that this breakout is strong & thus it seems likely that the bottom of the channel will be revisited before better times- look to April or May of this year for any reversal.

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This is not financial advice.


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The channel being traded in is solid. Only major, and by that I mean major, news could impact (break) this channel, to the downside. The world hopes for better times and thus hopes this won't happen. How the market didn't enter a deep recession during Covid is beyond my knowledge.


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I conclude that sideways movement is the most likely scenario for the next few months. Some sectors may have a good spring, others may not. The average will be sideways and rather boring. Perhaps we "ride" the white line down to the channel bottom.

Cheers,

Comment:

All is going as projected yet I must mention the obvious- if the line is broken the bottom of the channel is likely.

Comment:

Broke the line, we will see bottom of channel today or next week.

Rebound expected, but sellers win against "the line."

Comment:

"How the market didn't enter a deep recession during Covid is beyond my knowledge" was satire btw.

Comment:

This is all going as prescribed.
LCD

Comment:

Share your thoughts with me! Many have been talking the last several days about the 4200 level of the S&P. It's likely no coincidence that level is crucial on this chart too...

Note: This is a log chart for starts, so if you make a similar trend on not the log chart, it will look different.

But either way, do you think this is the end of *this* particular trend??