SPX 500 BEGINS PULLBACK TO 3620 INITIALLY (Video Attached)
The impending break of 3919 on the long term supertrend Pivot of the monthly charts has been complete. The short signal on the medium term charts on 140222 from 4388 breaks 3919 on the week ending 200522 starting the 3rd pullback of the long term bull market that started on 011210.
This is NOT the start of a bear market.
The SPX has found support on the ichimoku cloud lines on 031218 and 020320 (COVID) respectively and this 3rd pullback will find some support at the SSSA/B lines which transverse broadly between 2609 to 2698 for May 2022 projected to range between 2924 to 3027 for Jan 23.
A bear market starts only when price close below the ichimoku SSSB line e.g. for May 2022 at 2609 and stays below. We are now not there yet barring any Black Swan Event.
Buying opportunity will come when the next buy signal on the day charts is confirmed by a buy signal on the weekly charts. The last long signal was on the 010620 after the COVID pullback giving investors a return of 1183 points or a 37% return at trade exit on 140222 this year.
Please refer to my video for insights and clarifications
Long term PULLBACK since 200522
Medium term DOWNTREND since 140222
Short term DOWNTREND since 220422
PIVOT 4240
Short positions below 4240 for 3620 and 3082
Long positions above 4240 for 4599 and new all time highs
This is NOT the start of a bear market.
The SPX has found support on the ichimoku cloud lines on 031218 and 020320 (COVID) respectively and this 3rd pullback will find some support at the SSSA/B lines which transverse broadly between 2609 to 2698 for May 2022 projected to range between 2924 to 3027 for Jan 23.
A bear market starts only when price close below the ichimoku SSSB line e.g. for May 2022 at 2609 and stays below. We are now not there yet barring any Black Swan Event.
Buying opportunity will come when the next buy signal on the day charts is confirmed by a buy signal on the weekly charts. The last long signal was on the 010620 after the COVID pullback giving investors a return of 1183 points or a 37% return at trade exit on 140222 this year.
Please refer to my video for insights and clarifications
Long term PULLBACK since 200522
Medium term DOWNTREND since 140222
Short term DOWNTREND since 220422
PIVOT 4240
Short positions below 4240 for 3620 and 3082
Long positions above 4240 for 4599 and new all time highs
Quant Strategic Singapore
