SPX WEEKLY: 3 Reasons Why 3.3K is THE BOTTOM

Hello Traders, Investors and Friends, today I want to talk to you about SPX.

I made a few conclusions about SPX.

Currently the market tried to break local high 4100 (orange line) and failed.

At the moment the market is continue falling and it is heading strong resistance.

So I think that SPX will fall to support zone 3725-3699 level (fibonacci 0.618-0.66 level) and bounce up.

And I expect that SPX can bounce up to resistance level 3920 and then start to fall down.

Then, I think that SPX can fall below the support zone 3725-3699 level (fibonacci 0.618-0.66 level) and continue to fall.

I set up my first target at support zone 3725-3699 level (fibonacci 0.618-0.66 level).

Also, I think price can break support level and continue move down until a strong support zone.

Then, I think fibonacci 1.27 is a strong support level

So I set up second target at 3524 level (fibonacci 1.27 level).

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Soon, the ball will drop in Times Square at midnight December 31st, it's been a rough year.

Year to date DOW fall 10.02%

Year to date NDX fall 31.86%

Year to date SPX fall 19.69%

Year to date BTC fall 63.81%

And I think there is a limited space for US stocks market to decline.

So I think 3.3K is the bottom of SPX.

Here's the reasons:

As you can see from the chart: DXY is falling, Inflation Rate is falling.

Reason1: DXY top is in.

Reason2: Inflation Rate top is in.

Reason 3: Fed Interest Rates will reach the terminal level soon.

So that's why I think there is a limited space for US stocks market to decline, and 3.3K is the bottom of SPX.

Here's the scenario that I expected of SPX:

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This is my opinion, I really hope it will be useful for you.

This is an article not financial advice, always do your own research.

And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.

Be prepared and save your money. Make big profits!

Komen:

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