.SPX: What's Going on Next?
$S&P 500(.SPX)$ thoughts: I like to think that the most effective corrections often involve a phase where the majority of participants are convinced it has reached its conclusion.
In the short term (1 - 2 weeks) a relief rally that progresses towards the range of 5050 - 5150 would have this effect.
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Upper range of relief rally looks to be met this morning — right on cue at the two week mark.
So long as price trade between 5150-5000 range I will be of the speculation that the best of the relief rally is over and the decline that started in April is set to resume in May. Target remains 4800 and 4500-4600 under a more severe outcome. $S&P 500(.SPX)$