Strong support? Major bottom?

[KGTrader4]

Last time the S&P 500 traded below the 200 week MA and stayed there for any length of time was 2008-2009. Since then, only the Covid low brought us below the 200 week and it bounced back fast.
We are right at the 200 week now. If it holds….

of course nobody here gives a crap about a weekly chart. 5 minute chart is the word lol.

 

[Wide Tailz]

We're due for a good bear rally, if 2008 is any guide. It approached the red line twice and got some air on the second bounce.

 

[BKR88]

SPY (weekly)

S&P500 Index (weekly) for comparison

 

[KCalhoun]

Market burns

 

[Wide Tailz]

Especially today, if you were heavy inverses (risk management is The Answer)

 

[Bad_Badness]

Technicals ultimately need fundamentals. Just as the Bull run was technically over several times over a decade, the bear run, technically could be over, but is probably not as fundamentally we are not done contracting the economy, but alas just getting started (18 month lead time accounted for).

Great trading though.

 

[Overnight]

Market burns

Post your closing trades that were losses, and people will respect you. I get a very strong sense you will not do this however, because that is not your style. You, like Rickshaw, post only gains, not losses.

 

[Handle123]

Last time the S&P 500 traded below the 200 week MA and stayed there for any length of time was 2008-2009. Since then, only the Covid low brought us below the 200 week and it bounced back fast.
We are right at the 200 week now. If it holds….

of course nobody here gives a crap about a weekly chart. 5 minute chart is the word lol.

View attachment 297953

Check volume, on major lows, volume spikes cause people getting out of 401k/IRA's, this market I believe will stairstep down down down. Have long way to go.

My long term commodity system starts with Monthly and then weeklies then dailys.

 

[formikatrading]

Yes -- I believe you are onto something -- I track the weekly (and monthly and quarterly!) and don't forget that positive RSI divergence that your chart is also showing.

Last time the S&P 500 traded below the 200 week MA and stayed there for any length of time was 2008-2009. Since then, only the Covid low brought us below the 200 week and it bounced back fast.
We are right at the 200 week now. If it holds….

of course nobody here gives a crap about a weekly chart. 5 minute chart is the word lol.

View attachment 297953

 

[formikatrading]

Great work! Do you think enough people understand what could unfold here?

SPY (weekly)

View attachment 297956
View attachment 297961

S&P500 Index (weekly) for comparison

View attachment 297962