With recent news on the FED’s outlook of an “official” recession along with potential ADDITIONAL rate hikes into the new year, the SPX (S&P 500) looks to go a little lower with more pain to come.
What I’ve noticed:
- Long term overall down trend has stayed in tact
- Short term up trend has been broken (blue arrow)
- Fresh supply zone marked with candles closing below it
- Nearest landing of substantiality is near 3762 – 3753
What I am predicting will happen is a retest of the supply zone for a potential bull trap and a quick rejection down. I am looking for a SELL trade once the SPX has re-entered my supply zone with a take profit before the said landing area of 3762 – 3753
Not financial advice. Hotep & Build (wealth)