SPX quite simply bounced at the 50 weekly. Next week SPX can be expected to settle back to near the 50 weekly for a test of support. During November SPX will probably struggle and test last week's low later in the month. Weekly
We'll test last week's low again later in this month. Looking out further SPX multimonth bounce is setting up, but will drop to 200 week average in first quarter next year.
Yes SPX is in an expanding pattern so yes that does mean new highs. But is also means something else too. I'll post the big picture SPX so everyone can see what I'm anticipating.
We'll test last week's low again later in this month. Looking out further SPX multimonth bounce is setting up, but will drop to 200 week average in first quarter next year.
ReplyDeleteOh and keep an eye on this:
ReplyDelete"Biden will meet with China’s Xi in San Francisco in November, White House says"
Just as I had thought...
ReplyDeleteSCOctober 26, 2023 at 6:30 AM
"GDP 4.9%. We haven't seen those kind of numbers in years. Generally that'll keep a floor under the market for now."
Markets incredibly strong. Might even just continue up into next week.
ReplyDeleteMarkets up a little. They should cool off soon and then one more pop this month.
ReplyDeleteSC... you still thing we visit Octobers lows this month or in december?
ReplyDeleteSPX is starting to look tired now. 50 day 4,340 could be tested.
DeleteMoody’s cuts U.S. outlook to negative
ReplyDeleteLABU spiking off the lows!
ReplyDeleteSold SVXY $92.90
ReplyDeleteToo much risk to be short Vol now with ongoing pandemic.
ReplyDeleteSC.. are we headed for ATH before we see the 3900 spx you mentioned in Q1?
ReplyDeleteYes SPX is in an expanding pattern so yes that does mean new highs. But is also means something else too. I'll post the big picture SPX so everyone can see what I'm anticipating.
DeleteSC, thanks, waiting for the big picture, it looks 4800 or even more for wave 5?
ReplyDeleteSo plan is changed then SC?
ReplyDeleteNo more visiting sub 4000 in the next 4 months?
I still thinking SPX is trending up from 3,500 but a nasty drop is coming that will erase a lot of gains very quickly.
DeleteNew chart posted!
ReplyDelete