Following the breakdown from April, SPX has now trading well below February, March, and April’s low prices.
We are also now trading below the middle of the regression channel.
This does indicate more lows to come in, potentially looking for $3,812.36
Following the double top breakdown around the $4,613 level and the falling below the middle of the regression line ( red line), we continue to trade lower and make prior support levels new resistance levels. We are seeing buying step in trying to move the price back, however, the bears still remain in control as we can see with the long wicked candles in prior weekly candles. Last week’s candle also rejected the $4,307 level. We have short-term targets at $3812 .
$SPX (4 hour, 360day)
we currently seeing multiple rejections of the 14-day and 30-day simple moving averages and MACD continues to be bearish (red). As long as I keep seeing this, I do believe we have more downside to come.