A recession is near and here’s why. During trading on Friday, when it hit the ~4450 level, it met stiff resistance and pulled back to end right above session lows. Just by looking at VRVP and regular volume, it is clear that there was a ton of selling pressure and by looking at the RSI, which is in overbought territory. This as well as the macroeconomic circumstances we are leads me to believe we’re at or near the top. Also, the VIX is at 13.54 currently, and it is just $2 from being where it was at right before the crash of the pandemic. Just wanted to throw that out there. Good luck no matter what you think the market will do.
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As I said, the S&P 500 broke out downwards. If you look at the MACD as well, the MACD line just crossed below the signal line. However, there is a trend/support line at about $4280 and another at $4180, so it will be interesting to see if it will break below these or find support and bounce. My price target for the S&P 500 by the end of the year is $3900-$3800.
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