The S&P 500 has crashed 10% in just 3 days. Cutting through the 144 sma, the 233 sma and the key 3020 level.
Even the 300 day moving average is now in play.
Cutting through the 144 sma, the 233 sma and the key 3020 level. Even the 300 day moving average is now in play.
Fastest S&P 500 Correction Ever
The S&P 500 is down over 7% in three days, keep an eye on these memory areas. The dive will likely pause or even reverse around the 3020, 2940, 2840 and 2720 levels.
S&P 500 Key Memory Levels
Key levels from the last two years are 2595, 2488, 2398, 2275
Cmon now, that monthly candle is a little excessive
Perhaps this time really is different? Never again with the S&P 500 be lower than 2,445. Better buy now!
So I came across this scribble of mine from exactly 2.5 years ago, ah to be young again…
If History is any indication, there could still be 3% upside to this madness.
Historically we see it can grind a while before the bottom falls out, however according to that projection there is only about a 20% chance of a significant near term dip.
According to the Archetype Matches, price movement in the S&P over the last couple weeks closely matches periods in 1993 and 1994, about the same time of year also. Surprisingly when projecting those periods out two months there is almost no change (see circled area)