Return of Oct 2022 lows in Jan 2023?

Back in the trenches goes the price of SPX! We slid under the daily trendline and one step closer to what some people call "DOOM".

Well, anything can happen because it's a market driven first by human nature and second humans with $$$. What we want to do is try and predict the next move this big money will do next. How? By watching some stooge on market news that's how! Lol! NO! How about some careful analysis. Might be far from perfect but let's just try and use some patterns we have seen happen in SPX before.

Support resistant areas from larger time frame charts, trendlines, channels , wedges etc... We have a downward sloping weekly trendline and daily. We pushed out of trendline on daily then fell back in on the daily and still sit inside the weekly TL. What can happen is, we continue to descend in line with opposite angle inside weekly TL down to test the Oct 2022 lows as I posted on the weekly chart. That would bring us to around Jan 17,2023 if that were to play out. Food for thought.

One idea , something to think about during this month.

As always, good luck in all your trades . Trade careful. Trade only your methods and setups that work for you. A trader makes money and a gambler loses money. Your choice who you want to be.

Cheers!