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  • Writer's picturePeet Serfontein

Analyst Thoughts: S&P500 Medium-Term

TESTING THE PIVOTAL AREA, WHICH MIGHT END IN A CORRECTION.


  • The bullish view to T1/T2* has largely materialised and the technical possibility of a meaningful W,X,Y correction is increasing.

  • Cluster resistance at L/T1/T2 is confirmed by overbought and diverging RSI conditions (D).

  • The index is also completing the 1,2,3,4,5-bull trend around the indicated target area.

  • Resulting view: Interim limited upside potential should give way to a meaningful W,X,Y bearish correction to at least S2 and possibly M*. The larger bull trend can re-emerge on the completion of an overdue corrective phase.

  • A break below S1* will confirm the downside.

 




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