S&P500 printed this month a Death Cross (MA50/MA200) and is already -8.40% since its appearance. A similar occurrence took place in 2008 at the start of the global financial crisis. In 2008 the Death Cross resulted into a fast (around 1 month) -14.40% decline on the index and assuming that the same sequence will follow, we can expect S&P to drop below 2,400 and around 2,360 in the next 20-30 days.
The similarities (another -11.80% decline that preceded) and timing between the two periods are astonishing. If the monetary governing bodies do not turn the very negative market psychology around soon by reviewing their policies, we should be looking into a new recession in 2019. If that's the case, and the full bear cycle sequence of 2008 is followed, we may see S&P losing around -55-60% of its value, making a bottom around 1,250.
Of course this is just a technical projection based on recurring patterns and similar candle sequences from the historical volatility at hand.
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The similarities (another -11.80% decline that preceded) and timing between the two periods are astonishing. If the monetary governing bodies do not turn the very negative market psychology around soon by reviewing their policies, we should be looking into a new recession in 2019. If that's the case, and the full bear cycle sequence of 2008 is followed, we may see S&P losing around -55-60% of its value, making a bottom around 1,250.
Of course this is just a technical projection based on recurring patterns and similar candle sequences from the historical volatility at hand.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
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Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
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