S&P 500 Is At A Major Inflection Point
Candy Matheson | Sep 30, 2021 12:52AM ET
After briefly breaking above the confluence of a +10 standard deviation of a long-term up-trending regression channel, with the outer band of a Fibonacci spiral (1.618 coefficient) on a monthly timeframe, the S&P 500 Index (SPX) has begun to retrace much of its breakout, as shown on the following monthly chart.
We may see a retest of 4250 or 4200 before the monthly uptrend either resumes, or if price drops and holds below 4200, we could see a significant 20-40% correction occur from its top at 4545.85.
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