AFMC - S&P 500: Capitulation? Week Starting 22nd April (Technical Analysis)
2024-04-21 16:00:00 ET
Summary
- The S&P 500 has broken supports, suggesting a large correction targeting an undercut of 4818 is underway.
- There is a clear long-term trade setting up in the coming months.
- Shorter-term, there could be a bounce. Did the S&P500 make a capitulation bottom following the Israel attack on Iran?
Escalations in the Israel/Iran conflict ensured the "new phase" in the S&P500 highlighted in last weekend's article continued lower as expected. The break of 5048-56 suggests a large correction should eventually target an undercut of 4818....
S&P 500: Capitulation? Week Starting 22nd April (Technical Analysis)