The S&P 500 correction continues despite the index finding short-term support at 1350. A rally would test the descending trendline around 1400 but a close below 1350 would signal another down-swing. Reversal of 63-day Twiggs Momentum below zero would indicate a test of primary support at 1275 (the index tends to move in increments of 25).
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
I think that the SPX will start moving up very soon. Note the Kangaroo tail. Also the last leg down was much steeper.