SPX 4,100 Barrier - Next Draw Down Sets up a Better Trade
Technical Analysis213 Views, 15 May 2022 08:30
EXECUTIVE SUMMARY
- The US equity decline still lacks real capitulation/outflows/redemptions for a major low but the next leg down does offer a better tactical long entry point.
- RSI near 25 is the ideal buy zone for the SPX (this week or into late May). The weekly cycle has yet to show a convincing bottom.
- NDX 12,700 is rejection resistance to induce a slide closer to 11,000 higher degree support for a better tradable rally sequence. RTY bull near 1,650.