* See UPDATES below...
Notwithstanding the bearish Head & Shoulders formation on the following daily chart of the SPX, its recent plunge below the neckline in the latter part of September, and its subsequent retest and drop lower, it's hovering above major support around 4200.
Also depicted on the daily, weekly and monthly charts is the Williams Alligator technical indicator, which shows 3 moving averages, offset into the future.
Take a close look at the weekly chart.
A drop and hold below 4200, followed by a crossover of both the green and red MAs below the blue MA would signal further weakness ahead for the SPX, and possibly a retest of 3600, or lower to 3200.
This is one indicator worthwhile monitoring over the coming days/weeks, on all three timeframes, all of which are forecasting further weakness...along with President Biden's disastrous, regressive, reckless, and punitive "Bidenomics" (economic and energy) policies...and, this insightful history lesson on "why previously successful societies implode," as is currently happening in the United States under Biden's so-called leadership, with its descent into fantasies while denying realities, threats, and solutions.
Wake up, America!
If you think such a scenario may be far-fetched, I'd refer you to my most recent post on August 31 in connection with the SPX and investment cycles...that one depicts a much worse plunge that may be in store for U.S. equities over the coming weeks/months.
* UPDATE October 6...
However, it pays to read the actual detailed jobs reports, before accepting Biden's version of reality...always. 🤔
Meanwhile, allegations and video of his abuse towards his dog surface...horrible, if true, and at total odds with his, so-called, "lovable Uncle Joe" public image that he loves to portray.
So, always check under the hood before buying a used car...lest you end up stuck with a broken-down, unreliable old clunker...or worse!
* UPDATE October 22...
As Joe Biden's "Bidenomics" policies and the economy are imploding, they're also failing to win support with young voters, Blacks and Latinos, who are, instead throwing their support behind Donald Trump, as they compete to win the presidency race in 2024.
As I described above, keep an eye on the following weekly chart of the SPX.
We're about to see an imminent bearish crossover of both shorter-term William's Alligator MAs below the longer-term MA on this timeframe.
A drop and hold below 4200, combined with this double crossover will signal further weakness ahead for the SPX.
* UPDATE October 23...
The SPX briefly dropped below 4200, before it closed back above at 4217.04.
As well, the Williams Alligator MAs have now formed a bearish crossover on the weekly timeframe....keep an eye on 4200.
* UPDATE October 27...
By 2:07 pm ET today, the SPX plunged to 4107.71 -- likely regarding these developments in the Hamas/Israel war -- to continue its drop and break below 4200, which began on November 25.
See my comments above for the next major support levels/targets.
* UPDATE November 16...
This graphic needs no explanation...😕
And...the "Bidenomics" bashing continues...with good reason...