Its another 10% down to test the Pre-COVID market high
Long term trend (weekly view) shows 2 previous market "resets" result in an approx. 50% drop in the S&P500 . Tech bubble popping in 2000 and Financial Crisis in 2008.
So far, this latest downturn is 20% off its high. Its another 10% down from here to retest the high in Feb 2020 just before COVID-19 hit the US.
That would bring the S&P500 back into the longer-term trended that started after the financial crisis.
I'm bullish near-term (next few weeks) as a bounce is likely and we're at some nice round number support/resistance levels that traders will play with (3900 - 4200).
However, the downtrend is likely to resume if the next few quarterly results seasons show a slowing of the economy and Fed keeps raising rates adding downward pressure to those results.
So far, this latest downturn is 20% off its high. Its another 10% down from here to retest the high in Feb 2020 just before COVID-19 hit the US.
That would bring the S&P500 back into the longer-term trended that started after the financial crisis.
I'm bullish near-term (next few weeks) as a bounce is likely and we're at some nice round number support/resistance levels that traders will play with (3900 - 4200).
However, the downtrend is likely to resume if the next few quarterly results seasons show a slowing of the economy and Fed keeps raising rates adding downward pressure to those results.
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