The current downtrend is likely to continue as SPX inches towards the 50 SMA in the daily charts.
Also, the gap at 4019 that was created by a jump on April 5th will likely be filled.
If the SPX goes down, it will probably find support at 4019 and will bounce back towards 4200.
However, SPX is quite far away from the 50 SMA in the weekly charts and hence, the threat of a massive correction still looms.
The answer to whether SPX will bounce back or will continue to slide down will be known in the next few days.
Be careful if you are planning to open new positions.
Also, the gap at 4019 that was created by a jump on April 5th will likely be filled.
If the SPX goes down, it will probably find support at 4019 and will bounce back towards 4200.
However, SPX is quite far away from the 50 SMA in the weekly charts and hence, the threat of a massive correction still looms.
The answer to whether SPX will bounce back or will continue to slide down will be known in the next few days.
Be careful if you are planning to open new positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.