4 Sep 2022 SPX Weekly - Support or Break

Accuracy: 30/35 (85.71%)

SPX below 4320 - Correct

Last Week

I predicted the pullback will go down all the way to the support area around 3900.

SPX Daily Candle with Fib

It played out exactly like I said, although faster than I expected. Remember that this is also a Fibonacci 61.8% area I drew. Not only we retraced all the way towards 3900, we also see some kind of support rejecting near this area.

SPX 30 minute chart

Looking at the 30 minute chart, we see a pretty neat downtrend line that is tested nicely for 4-5 times so far across the pass 3-4 weeks. Moving forward we would want to see if this downtrend momentum can break through or reject the next support.

Next Week

SPX Daily Candle Chart

I'd expect more struggles around this 3900 area, a bit of slowing down of momentum. Possibly testing this trendline a little more. From here it's really it breaks downwards or we see a rejection and bounce upwards. But with all the uncertainties I think we might not see things happen that fast, I hope.

Economic Calendar

Last week we already had quite a few Feds speaking and causing more volatilities to the market. Next week Powell is once again speaking and will be the main highlight of the week. Maybe that will determine which direction we're going from the current area of support.

Prediction

Keeping it short this week.

SPX below 4100

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This SPX Weekly update as part of my own analysis and perspective of how I feel the market will be moving. This is not any financial advise or recommendation. It's just my own journaling and guesses to try to predict what's going to happen next week.

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