The S&P 500 Index Goes Lower | Daily, Weekly & Monthly: All Red

28 янв. 2022 г.

The S&P 500 Index (SPX) is also completely bearish across all the timeframes we looked at for the NASDAQ-100 (NDX) index.

So we have the daily, weekly and monthly timeframes as bearish.

SPX Daily (D):

- Bearish volume has been growing since November 2021. Lately, we are seeing more red bars than green, they are also bigger, which is a simple way to identify who is putting more pressure on the market, bulls or bears. The bears (red) are winning this time around.

- Notice that even though the NDX already went below EMA300 daily the SPX tested this level as support and is currently trading above it. EMA300 is the grey line on the chart. Yet, it continues aiming lower.

- The RSI is super-weak (also called oversold by many people) which can lead to additional loss of value.

On the weekly timeframe, the SPX is sitting just below EMA50 (not good).

And now we go to the monthly:

- The monthly candle closes in just 3 days.
- This will be the first bearish monthly close below support in years.
- We also have bearish divergence with the RSI since August 2021.

This is it my friends.

What's your take?
Do you agree with my analysis?
Do you believe is possible that these indexes will blow up?

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Thanks a lot for your time.

Namaste.