SP500 has started 2022 badly and things look like will get worth.
After an initial drop to 4.1k, the index tried to recover, but 4.5k proved to be a strong ceiling and SP500 rolled back down.
Now the index is trading in February's low and I expect a continuation to the downside.
A drop under 4k would be significant for SP500, both psychological and marking more than a 20% drop (bear market, at least by the book).
In such a case, panic selling is a very probable scenario, and the price can drop fast to 3.5 support.
I'm very bearish SP500 and I will remain as long as the price is under 4.5k
After an initial drop to 4.1k, the index tried to recover, but 4.5k proved to be a strong ceiling and SP500 rolled back down.
Now the index is trading in February's low and I expect a continuation to the downside.
A drop under 4k would be significant for SP500, both psychological and marking more than a 20% drop (bear market, at least by the book).
In such a case, panic selling is a very probable scenario, and the price can drop fast to 3.5 support.
I'm very bearish SP500 and I will remain as long as the price is under 4.5k
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