S&P500(SPX) - Is It About Time To Rally? Will 3900 Support Hold?
The S&P500 and the overall stock markets has been on a downfall since Jan 2022, particularly tech stocks. The decline is probably due to amount of distractions in the market (inflation, interest rates, Ukraine v Russia conflict, etc).
From the technical perspective, if we measure the high to the recent low on 20th May, it's exactly around -20% decline (-20.8% to be specific), which was the benchmark of a Bear market.
But pay attention to the way price pierced through the low at 3890, then immediately bounced back up, closing the daily candle on 20th May with a Bullish Pin-Bar pattern. Is a recession arriving soon? I personally do not think so, if you read all the data and indexes, everything's looking healthy.
Due to the multiple rejections at 3890 area, i do expect some sort of Bullish pressure to step in, pushing price back around 4150 - 4200 resistance structure.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
From the technical perspective, if we measure the high to the recent low on 20th May, it's exactly around -20% decline (-20.8% to be specific), which was the benchmark of a Bear market.
But pay attention to the way price pierced through the low at 3890, then immediately bounced back up, closing the daily candle on 20th May with a Bullish Pin-Bar pattern. Is a recession arriving soon? I personally do not think so, if you read all the data and indexes, everything's looking healthy.
Due to the multiple rejections at 3890 area, i do expect some sort of Bullish pressure to step in, pushing price back around 4150 - 4200 resistance structure.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
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