There is clear a Rising Wedge Pattern formed on S&P 500 4h chart.
There was even a retracement from all-time highs of 6979 back inside the wedge before the weekend.
My suggested SL is 7030-7050 and TP 6500-6550 for the short-to-mid term.
On a larger scale, there is also a huge channel that we are testing the top of right now:
Going all the way back to 2008..
It could easily end up like this:
So for longer term I can see 6100, 5500, 5000 and if recession hits than even 3500.
There has never been such a major Fed hiking and cutting cycle that did not eventually cause a recession. Also, the labor market is weaker than the headline numbers make it seem. Lots of massive downward revisions on NFP. Even the unemployment number is growing slowly, mostly because Labor Force Participation is dropping. If we account for that, then the real unemployment rate is more like 5.5%.
Here are some more examples of rising wedges going back to the pandemic:
There was even a retracement from all-time highs of 6979 back inside the wedge before the weekend.
My suggested SL is 7030-7050 and TP 6500-6550 for the short-to-mid term.
On a larger scale, there is also a huge channel that we are testing the top of right now:
Going all the way back to 2008..
It could easily end up like this:
So for longer term I can see 6100, 5500, 5000 and if recession hits than even 3500.
There has never been such a major Fed hiking and cutting cycle that did not eventually cause a recession. Also, the labor market is weaker than the headline numbers make it seem. Lots of massive downward revisions on NFP. Even the unemployment number is growing slowly, mostly because Labor Force Participation is dropping. If we account for that, then the real unemployment rate is more like 5.5%.
Here are some more examples of rising wedges going back to the pandemic:
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.