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The S&P 500 Index (SPX) has been experiencing a downward trend, with recent trading sessions indicating a potential further decline to the 4818-4800 zone, influenced by market sentiments of fear and greed as well as exposure levels. Notably, the SPX recently hit 5075, with predictions suggesting a descent towards 5000 and lower. Technical analysis forecasts a possible minor rebound to around 5100 before a further decline to fill a significant gap at approximately 4981. The SPX target is set at 5094, and analysts are monitoring NAAIM Exposure levels around 70 and 50s.
$SPX 65m We attempted to trap the continuation move so far but are met with a weak bounce so far. Fed speakers today with Powell at 1:15pm est. If markets hold 5057, likely to try and take a pause before him speaking. If lost, we risk 5030 next. https://t.co/VMlqfJAcwL
$SPX levels and thoughts as down 30 handles would have been either. Now we see if sellers can reject price around the 50day to keep active Control. Oscillator went out -63 as -40 starts oversold readings. Watch yesterday’s low of this fades fast https://t.co/uqtVJw8wA4
$SPX New Chart Update: Could be staring at something like this moving forward? Get a mini bounce back to 5,100, slight overshoot to 50dma, before heading lower to fill that BIG gap around 4,981? PS: Just guessing. And I tend to guess wrong sometimes. Inverse me. I have thin… https://t.co/r8pzO2ubew
