S&P500 has got the "deepest" correction since March 2021. Do we see even lower prices? In my opinion, it depends on today's candle close.
As you can see the 50EMA (orange line) has held the price really nicely after corrections from last year's September-October. We haven't seen two consecutive Daily candle closes below that - just one candle close below 50EMA and rejections back upwards to capture new ATH.
Yesterday the price of SP500 touched the EMA100, which has held the price since June 2020 and got a quite solid rejection from it. Futures are promising and if we can see push back above 4430 then there are quite a high odds that we are going to do it again - printing a new AHT. If not...
For me to observe today's candle is quite important because if it closes below EMA50 and below 4400 it increases the odds that we might see lower prices and we may see a bit deeper correction. Just be cautious or just be ready to grab something from lower prices ;) What do grab or what to wait for - maybe you can find something from HERE
Regards,
Vaido
As you can see the 50EMA (orange line) has held the price really nicely after corrections from last year's September-October. We haven't seen two consecutive Daily candle closes below that - just one candle close below 50EMA and rejections back upwards to capture new ATH.
Yesterday the price of SP500 touched the EMA100, which has held the price since June 2020 and got a quite solid rejection from it. Futures are promising and if we can see push back above 4430 then there are quite a high odds that we are going to do it again - printing a new AHT. If not...
For me to observe today's candle is quite important because if it closes below EMA50 and below 4400 it increases the odds that we might see lower prices and we may see a bit deeper correction. Just be cautious or just be ready to grab something from lower prices ;) What do grab or what to wait for - maybe you can find something from HERE
Regards,
Vaido