“REPLAY - US Stock Market SPX & NDX Cycle & Chart Analysis With Projections”
SPX is strong but faces a short-term correction targeting 7528-7456; breaking 7770 invalidates the bearish view.
We'll take a look at the S&P 500 first, SPX. And again, the same thing we were looking at here, which is the possibility of another two weeks of decline. Now, the secondary support levels have been placed right here .
When I conducted my analysis earlier in the week, and the market appeared to be breaking the daily level, I showed it to be sloping further downwards, but now I must respect what I see.
This is strong, and it has moved higher from this early low point where the Nasdaq has recorded a deeper low than this. The question is, was this the bottom we were looking for, where the price simply stayed within a 3-month range and then broke out upwards ?