3200 are coming!
The fear of a new corona wave swept through Wall Street on Monday, and the S&P500 fell back to levels from early August. The downward trend that has been going on for weeks since the high in the 3600-point range is thus continuing and reached our target zone.
However, further turbulence must still be taken into consideration. On the one hand, expectations regarding the resilience of the US economy are partially too high. On the other hand, the risks posed by the turmoil through the upcoming presidential election in early November are often underestimated. Further, the dispute over the successor to the late Constitutional Court judge Ruth Bader Ginsburg (aka Notorious RBG) could occupy the Senate so much that an agreement on a new economic stimulus program that has long been hoped for could be delayed for weeks.
Even though the Market reached the first target box, a lower level in the 3200 points range still needs to be expected before the S&P500 climbs back up. In both scenarios, we anticipate a bounce to at least 3440 points. Should the bulls not push through the resistance between 3434 – 3501 points, significantly lower quotations in the range of 2800 points become the next target.
In summary, we expect the S&P500 to bounce back toward 3430 points. Should the bulls not push through 3434 – 3501 points, a significant downward move towards 2800 points must be anticipated, bevor the decline since the highs is completed.
What do you think? Are you a buyer or a seller? Feel free to share your work and let us know in the comments section!
Wishing you all successful trades.
However, further turbulence must still be taken into consideration. On the one hand, expectations regarding the resilience of the US economy are partially too high. On the other hand, the risks posed by the turmoil through the upcoming presidential election in early November are often underestimated. Further, the dispute over the successor to the late Constitutional Court judge Ruth Bader Ginsburg (aka Notorious RBG) could occupy the Senate so much that an agreement on a new economic stimulus program that has long been hoped for could be delayed for weeks.
Even though the Market reached the first target box, a lower level in the 3200 points range still needs to be expected before the S&P500 climbs back up. In both scenarios, we anticipate a bounce to at least 3440 points. Should the bulls not push through the resistance between 3434 – 3501 points, significantly lower quotations in the range of 2800 points become the next target.
In summary, we expect the S&P500 to bounce back toward 3430 points. Should the bulls not push through 3434 – 3501 points, a significant downward move towards 2800 points must be anticipated, bevor the decline since the highs is completed.
What do you think? Are you a buyer or a seller? Feel free to share your work and let us know in the comments section!
Wishing you all successful trades.
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