SPX – Are We Repeating 2018?

SPX – Are We Repeating 2018?

This pattern applies to the S&P only. The NDX is a different animal. I’m less confident there will be new highs in that index.

The board is full of dire predictions for the S&P ….with good reason! It’s been an historic decline off the top. This is what happens at important junctures in the market.
A casual observation of the posts would suggest this is an alternative maybe contrary view of what lies ahead. I haven’t looked at the stats on this opinion.

Buying opportunities are setting up nicely!

Many of the growth stock darlings of the past 2 years are approaching prices where they began their historic (some would call it stupid) run. A normal corrective recovery would give you a 50% return on many of these battered babies.

I’ve ghosted the pattern in the box from 2018 as the template for what I’m suggesting what may lie ahead. The market structure fits and respects the median line in this price channel . I could envision a scenario where the market never penetrates the median line while establishing new highs similar as to what occurred in 2018.

Time will tell. We are soon approaching a resolution as to the validity of this pattern. Maybe its time to be loading your shopping cart?

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