SPX S&P500 a tad overbought?
If we use the 200 Monthly Moving Average as an indicator of where generally price point moves above and below then SPX could be due for a teensy correction...
Our chart indicates a top of around 3000 but also shows two other possibilities; a blow off top at the next fib level 4700 and
/or a corrective back to the 1500 level which would also be a major support retest. Thinking there's still enough steam to get us to the 3000-3100 and then a bear market but that's an opinion.
Where will the money flow once the bigger correction gets underway? Any ideas out there? Love to hear from you.
Our chart indicates a top of around 3000 but also shows two other possibilities; a blow off top at the next fib level 4700 and
/or a corrective back to the 1500 level which would also be a major support retest. Thinking there's still enough steam to get us to the 3000-3100 and then a bear market but that's an opinion.
Where will the money flow once the bigger correction gets underway? Any ideas out there? Love to hear from you.
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