$SPX: S&P looking a lil’ dumpy

SPXUSD_2022-12-16_08-45-52_f664b

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)

 

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