This is the second confirmation. If and when the SPX trades at last week’s high, it will reflect a cushion of 3.76% above its current monthly low.
I’m not particularly skilled at setting longer-term targets. Visually, if last week’s low holds, sellers might not exert significant pressure until the index approaches the area of the moving averages. The longer it takes for the S&P 500 to reach that point, the lower those moving average values will be.
If you haven’t had a chance, take a look at the seasonality chart from my previous post. Based on that, some might argue there’s potential for movement until the first week of May. Of course, no one can predict this with certainty.
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