Let's have a look at the S&P500 on the weekly timeframe.
The S&P500 has been in a bearish macro trend since it's ATH on January 3, 2022.
Things to note:
- we got a bearish rejection @ the 50 SMA & bear flag resistance channle @ $4300 on Aug 16
- the SPX had a bearish break below the 100SMA @ $4165 in the week of Aug 22
- after breaking below the 9 & 21SMAs, we found support @ the BF support channel @ $3900, which is holding so far
IF the BF pattern breaks down:
- 1st target is the gap @ $3790 which is on the daily TF
- 2nd target is gap @ $3675 on daily TF
- 3rd target is a re-test of the June low @ $3637
- 4th target is the BF breakdown measured move @ $3400, which coincides with a re-test of the Feb 2018 high and a large liquidity zone (lots of buy/sell interest)
I also included some lower targets as they represent major price action/highly liquid zones which are worth mentioning.
- anywhere between $2700 & $3400 is a highly liquid zone that the SPX could re-test, which also coincides with the mid range between the Oct 2018 high and breakdown + recovery into 2020
This chart is meant to showcase the macro bear trend. I will also be posting the bull & bear targets on the daily TF to account for short-term action.
The S&P500 has been in a bearish macro trend since it's ATH on January 3, 2022.
Things to note:
- we got a bearish rejection @ the 50 SMA & bear flag resistance channle @ $4300 on Aug 16
- the SPX had a bearish break below the 100SMA @ $4165 in the week of Aug 22
- after breaking below the 9 & 21SMAs, we found support @ the BF support channel @ $3900, which is holding so far
IF the BF pattern breaks down:
- 1st target is the gap @ $3790 which is on the daily TF
- 2nd target is gap @ $3675 on daily TF
- 3rd target is a re-test of the June low @ $3637
- 4th target is the BF breakdown measured move @ $3400, which coincides with a re-test of the Feb 2018 high and a large liquidity zone (lots of buy/sell interest)
I also included some lower targets as they represent major price action/highly liquid zones which are worth mentioning.
- anywhere between $2700 & $3400 is a highly liquid zone that the SPX could re-test, which also coincides with the mid range between the Oct 2018 high and breakdown + recovery into 2020
This chart is meant to showcase the macro bear trend. I will also be posting the bull & bear targets on the daily TF to account for short-term action.