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We are embarking on a new exercise, a road map that aims to predict the market's direction, specifically the SP500, until roughly March 2024. While this should be viewed as a fun exercise, it will be fascinating to see how much of this projected outlook comes to fruition in real time. We must bear in mind that predicting the market's direction during such times is much more challenging than it was in the past few years and even more challenging than a decade ago. Numerous factors are at play today, including geopolitics, extreme greed, and vast amounts of hot money. Any of these forces alone can significantly impact the market.
We will add more details, but the road map has two possible outcomes: one in blue and one in orange. The only difference between the two outcomes is the intensity of the next corrective wave. Additionally, we have added support and resistance lines and will provide further notes over the next few days.
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When the words short term appear under any post; the same conditions listed in the Market update under the short term category apply
The end is always near; its the beginning and how you live each moment that counts the most
The two parallel purple lines signify key support and resistance levels. Should the SPX manage to remain above the support line, the likelihood of it testing the resistance zone, which falls within the 4500 to 4700 range, increases significantly. In an ideal scenario, the SPX would consistently form higher lows. A warning sign of a more severe downturn in 2024 will emerge if these highs are not corroborated. In other words, while the SPX reaches new highs, technical indicators exhibit lower highs.
Treat this as fun exercise while observing how the pattern develops over time. However, it's crucial to remember not to rely solely on this pattern for gambling or other risky pursuits. Let's concentrate on watching the pattern progress.
When the words short term appear under any post; the same conditions listed in the Market update under the short term category apply
The end is always near; its the beginning and how you live each moment that counts the most
As we are close to a new MOAB signal, the SPX is likely to hold above the support line (purple line). If it breaches that line, we would view it as a screaming buy.
When the words short term appear under any post; the same conditions listed in the Market update under the short term category apply
The end is always near; its the beginning and how you live each moment that counts the most
