.SPX: What's Going on Next?
$S&P 500(.SPX)$ thoughts: For the second time this year, 3/3 risk-off criteria are simultaneously on. The last time these criteria set off was April 10 where the market declined an additional 4% before finding stability.
Price is below its short term trend, breadth as measured by Net New Highs across the NYSE and Nasdaq markets recorded negative, and momentum is negative.
I speculate that with the risk-off criteria setting off the alarm, the index is likely to decline further before this correction is complete. An ideal entry to this idea would be a stalled relief rally at 5450 while all 3 criteria remain active.
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