$SPX Chart Update:
Well what a couple days it has been eh? But to be honest, a -2.5% peak to trough drawdown is nothing given that the markets are up almost 40% since the Oct 2023 lows. Literally should be considered run of the mill daily noise. We shouldn't kid ourselves here.
I do think we get a little reprieve bounce here and then a further 2% drop down afterwards to the purple support area where the 50dma and the lower channel of the wedge conveniently is located. So around 5,450 ish on the SPX. Then maybe we get a last fake breakdown towards that gap fill area of 5,375 where it might be worth going heavy on the long side if you haven't already there.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
