Weekly Charts to give us a view into where the market is where it might go What does SPX Weekly Chart show us? - We could be in the handle formation of a cup - The handle can pull back to the confluence of support between 4150 and 4200 - The current cup could still go up to fully form at the previous high of 4815 - Extreme bearish from a break down of the bear flag from all time high, towards 3200. My Take - Whilst macro wise (war, inflation, rates etc) points to a bearish stance, let's not panic and let the price action show us - Current showing is that there is still a good likelihood of pushing to the All Time High - It is obvious too that there is a good likelihood pullback to go to as low as 4150 near term - But quite bullish if 4372 is retaken upwards - Respect the MA50 on a
October Effect or October Rebound? How to Trade?
The October effect is the belief that stocks tend to decline in October, often linked to historical crashes like Black Monday in 1987. A majority (71%) of polled analysts anticipate a correction in their local equity markets by year-end. ------------- Do you expect October Effect or October Rebound? What's your trading plan for October and Q4?
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