At the moment, the S&P 500 is holding relatively stable, but I believe the current decline is just part of a larger correction following decades of growth.
Right now, the index is retracing to the 50% pullback area (marked on the chart), which aligns with a typical retest before a potential continuation of the downward move. In this zone, a manipulation is likely, after which the decline may resume.
An additional confirmation of this scenario is the unfilled gap below, which remains uncovered. Historically, the market tends to close such gaps. Moreover, there are untested price levels lower on the chart, suggesting a high probability of further downside movement, with targets around 5000 points.
I will keep monitoring the situation and update my outlook as new data emerges.
Right now, the index is retracing to the 50% pullback area (marked on the chart), which aligns with a typical retest before a potential continuation of the downward move. In this zone, a manipulation is likely, after which the decline may resume.
An additional confirmation of this scenario is the unfilled gap below, which remains uncovered. Historically, the market tends to close such gaps. Moreover, there are untested price levels lower on the chart, suggesting a high probability of further downside movement, with targets around 5000 points.
I will keep monitoring the situation and update my outlook as new data emerges.
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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.