Looks like the video didn't reveal my drawings as it appeared to during recording, so I've posted the weekly chart here for a zoomed in picture.
An unsustainable trend typically results in consolidation or a reversal in said trend. The Month of September will be critical to the US markets, as can be plainly seen in the S&P 500 Futures chart. Bulls have gone from expecting an all-time high to suddenly hoping for an inside candle. As long as September closes above the weekly 50 sma, (2811) most long-term bulls will hold, and this bull market could continue to go extend higher. A close below 2800 will likely bring on 2730 very quickly. I personally expect we see the S&P 500 test the 2500's within the next 6-12 months (12%-18% drop).
24 ema - blue (thin line)
50 sma green (red) thick line
100 sma yellow (orange) circles
200 sma green (red) circles
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.