From the weekly report on SPX on Sep 16: “The chances of a red week next week are quite high and it would not be a surprise if the index loses a hundred points or so.” The index lost 130 points and I hope everyone listened.
Before we deep dive into the charts, I’d like to offer a little retrospective. It’s been 2 years since we offered this path for S&P 500.
SPX charted on September 20, 2021:
SPX adjusted on January 20, 2022:
SPX on September 24, 2023:
In this analysis we evaluate various technical indicators of S&P 500, discuss the recently completed candles and candle formations on multiple frames, and share long and short term forecasts charted with Elliott Waves.
Our latest S&P 500 monthly analysis can be viewed here:
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