S&P500 Weekly Analysis - Enough to be bullish on rather than bearish!
1. MA50 - Price action has broken and stayed above (Resistance through 2022 and now becomes support) ==> Bullish
2. 2022 Bear Flag Fibonacci retracement - 430/435 are levels of 61.8 ==> Significance of breaking above signifies a change of trend
3. Controlled buy channel since Oct 2022 ==> Bullish
4. Price action above middle of buy channel ==> Bullish if stay in upper half
5. Failure to stay above 416 ==> Possibly bearish if 409 and 405 do not hold
6. Support by MA50 coming 405 ==> Support
7. Break below of 405 and 400 ==> Bear flag will play out to levels of 320/350
8. Maro-economic conditions (e.g. much talked about recession, crash etc) ==> Bearish (All can happen of course!)
Summary, there are more bullish possibilities than bearish for now
Observe price action to be ready and act accordingly
Market can remain irrational than we can remain solvent. So, do your own diligence and manage the risks.
Good luck, all!
@Deposit @melson @TigerStars @CaptainTiger @LMSunshine
S&P500 Weekly Chart - 3 June 2023
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If the market breaks below the 3800 level, it would be a sign that the downtrend is still in place.
The S&P 500 is in a very uncertain state right now.
The market could either break out to the upside, or it could break down to the downside.
The S&P 500 has been in a downtrend since January 2023.