SPX500 Macro Idea
It's been quite a year so far for the US equity markets.
ES NNQ YYM
Since the beginning of 2022, we can see the S&P 500 has been steadily trending lower until mid-June when a near-term low was created.
In approx 45 days from the near-term low, the price was able to return to a key area of the market structure located around 4300, which has been followed by a fairly aggressive move down.
I believe we could see the market return into the green box (at minimum) before beginning to look for evidence of further bearishness.
Relative price points would be 32750-33050 for the Dow Jones, and 12850-13050 for Nasdaq.
In the future I expect the near-term low to be traded through, so it will remain a bearish target once potential opportunities are identified.
DXY will also be a key indicator to analyze as we see further changes in monetary policy.
Stay safe and be diligent during these volatile times.
ES NNQ YYMSince the beginning of 2022, we can see the S&P 500 has been steadily trending lower until mid-June when a near-term low was created.
In approx 45 days from the near-term low, the price was able to return to a key area of the market structure located around 4300, which has been followed by a fairly aggressive move down.
I believe we could see the market return into the green box (at minimum) before beginning to look for evidence of further bearishness.
Relative price points would be 32750-33050 for the Dow Jones, and 12850-13050 for Nasdaq.
In the future I expect the near-term low to be traded through, so it will remain a bearish target once potential opportunities are identified.
DXY will also be a key indicator to analyze as we see further changes in monetary policy.Stay safe and be diligent during these volatile times.
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