considering the rate hike situation i still think we still have more down side for the stock market in general and this is absolutely the case for the S&P . I believe the S&P will still has to go down until we see inflation getting lower . I still believe inflation did not peak yet and i still think the fed will go for another 75 points next july . at 3520$ you have major support coming in from the fib circle i drew from 2008 and the 0.5 level on the fib channel that i also drew going from the housing market crisis . Also you have support coming from a trend line i drew from 2017 that has been major resistance and support for the past 5 years . Lastly we also have support coming in from the 200 WMA that has been a crucial indicator for bear markets . We notice that we only fell below the 200 WMA twice in the last decade . once in the 2008 housing market bubble and in the 2020 covid crash . Hopefully we hold it steady because if not that will be catastrophic for tech stocks !
Not financial advice .
Not financial advice .