SPY - Are we at Support, or plummeting into recession?

2023年9月27日

With everything going on in the global markets, it’s hard to stay positive about the current market analysis.

But I have to ask, are we really going to go lower, break support, and spiral into a recession?

Obviously I don’t know the answer to that question for sure, but let’s take a look at a few things.

Other than the obvious support levels that I drew on the chart, what is the good the bad, and the ugly with the current US market?

The Good: The jobs market still seems “relatively” strong.

The Bad: The Fed is once again Threatening Rate hikes.

The Ugly: Nobody really knows what’s going on.

What I think (for what it’s worth):
I’m leaning towards a bounce from here, I think we’re not seeing any financial indicators of impending doom at the moment, and I tend to think that the consensus is usually wrong. Any time I’m in the majority of “herd mentality” I have to question if I’ve joined the right team. Most people are screaming “RECESSSION” from the rooftops at the moment (or at least a lot of people are), so I kind of think that we’re still going to move back up from here.

I could be wrong, I’m more of a technical analysis guy than fundamental analysis, so take my word with a grain of salt, and also be careful out there. It’s still pretty crazy out there!