SP500 index has a chance to complete a motive wave down off the December high. If the pattern closes as suggested on the chart, it will greatly elevate the odds for a continued decline in 2023, albeit after a pause for a few weeks.
In this Daily analysis, I will evaluate the candles that SP500 formed on multiple frames, compare them to the candle formations in other major US indices and some Large Cap stocks. We will discuss technical events on different frames and provide the long- and short-term targets for the next moves.
This SP500 chart was first shared in September 2021, 15 months ago.
The same chart today looks like this and it is an alerting chart for multiple reasons which were discussed in details in the latest weekly analysis.
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Latest SP500 Weekly Analysis – Dec 26th:
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