Its another 10% down to test the Pre-COVID market high
Long term trend (weekly view) shows 2 previous market "resets" result in an approx. 50% drop in the S&P500 . Tech bubble popping in 2000 and Financial Crisis in 2008.
So far, this latest downturn is 20% off its high. Its another 10% down from here to retest the high in Feb 2020 just before COVID-19 hit the US.
That would bring the S&P500 back into the longer-term trended that started after the financial crisis.
I'm bullish near-term (next few weeks) as a bounce is likely and we're at some nice round number support/resistance levels that traders will play with (3900 - 4200).
However, the downtrend is likely to resume if the next few quarterly results seasons show a slowing of the economy and Fed keeps raising rates adding downward pressure to those results.
So far, this latest downturn is 20% off its high. Its another 10% down from here to retest the high in Feb 2020 just before COVID-19 hit the US.
That would bring the S&P500 back into the longer-term trended that started after the financial crisis.
I'm bullish near-term (next few weeks) as a bounce is likely and we're at some nice round number support/resistance levels that traders will play with (3900 - 4200).
However, the downtrend is likely to resume if the next few quarterly results seasons show a slowing of the economy and Fed keeps raising rates adding downward pressure to those results.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.