I'm torn about this. from the top to down move thus far, the SPX has had small bounces along the way, as buyers come in, ride up the rally, then get burned.
My sentiment right now is that there is little tolerance to be burned for the third time, and data/world news appear to be getting worse at the moment, not better.
Of course these things can "resolve" themselves in the next couple of weeks but... in which case the SPX may rally a bit to around the 3920 level. The technical case for this is the fact that we're oversold and the MACD appears to want to make a turn higher from where it is right now on the daily.
But the case against this is that, apart from the various poor news out of NORD, China, Apple, Bonds and the like, it's never a good thing when SPX closes at a new low for what has been a very bearish 2022. The downside target at 3400 and 3200 can come pretty fast, with little to no resistance along the way, with the exception of 3550, as far as i can tell.
I'm bearish and will be looking at the moves in the next couple of sessions very carefully.
My sentiment right now is that there is little tolerance to be burned for the third time, and data/world news appear to be getting worse at the moment, not better.
Of course these things can "resolve" themselves in the next couple of weeks but... in which case the SPX may rally a bit to around the 3920 level. The technical case for this is the fact that we're oversold and the MACD appears to want to make a turn higher from where it is right now on the daily.
But the case against this is that, apart from the various poor news out of NORD, China, Apple, Bonds and the like, it's never a good thing when SPX closes at a new low for what has been a very bearish 2022. The downside target at 3400 and 3200 can come pretty fast, with little to no resistance along the way, with the exception of 3550, as far as i can tell.
I'm bearish and will be looking at the moves in the next couple of sessions very carefully.