The SPX saw a net March decline of -342pts (5.7%) at 5611, having printed a low of 5488.
Whilst the s/t outlook is bullish (5820/5840 zone), monthly momentum will turn negative as of April 1st. Further, March saw the first settlement under the monthly 10Ma since Oct’2023. The market is to be seen as m/t broken from 6147.
On balance, I’m looking for net downside into October… at least to around 4800.
Yours… charts 24/7/365
The SPX broke a new hist’ high of 6147, if cooling back to settle -86pts (1.4%) at 5954. Monthly momentum weakened a little, but remains distinctly positive, as all cooling waves are restrained. RSI 69s are high, but it could easily remain that way into the summer.
Another monthly settlement above the key 10MA (5728) as the m/t trend remains bullish. As of March 3rd, my line in the sand will adjust/jump to around 5800.
The s/t cyclical setup leans bullish, with the upper monthly bollinger offering the 6300s, as look realistic in April.
For more of the same… subscribe!
Yours… charts 24/7/365