There’s a bear sign between the S&P 500 and Dow Jones Industrial Average correlation that points to $2,825. The latest action on the NASDAQ prices suggests more downside within 5 days.
Latest quote for the S&P 500 is $2,870 April 4th.
The first target is $2,825 for a 1.5% difference from latest quotes. The duration of that trade idea is 1-3 weeks. The second target is $2,700 for a 6.2% difference from latest quotes. The duration for this trade idea is 1-10 weeks.
A lot of sideways trading today for the S&P 500 to be up 0.03% up from open. Latest quote $2,907 April 22nd. The first target at $2,825 for 1-3 weeks was set more than 2 weeks ago and is being extended for another 1-4 weeks. It’s a considerable price to double this position.
Today the S&P 500 is up slightly while the NASDAQ is up 0.12%. Meanwhile the Dow Jones is down 0.21% and the Russell 2000 is down a significant 0.7% from yesterday’s close.
Signs continue to point downward. Dow Jones Industrial Average beginning to trend down. NASDAQ price action flattening out.
S&P 500 made it down to $2,832 today before rebounding; the latest quote is $2,886. The target was $2,825 and it didn’t quite make it. It appears to have supported and it’s time to dodge the short S&P 500 trade by liquidating and awaiting re-entry after some time above $2,925.
April 4th
May 13th
I’m closing this thread on the note that the S&P 500 cleared the original sell target today reaching $2,819 compared to the target of $2,825. Another successful idea.