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Strategies & Market Trends : Humble1 and Swing Trading Friends -- Ignore unavailable to you. Want to Upgrade?

To: humble1 who wrote (39821)	1/28/2024 11:47:26 AM
From: Rarebird	1 Recommendation Recommended By towerdog Respond to of 41091

I'm thinking SPX $6000, then a secular bear that will last the rest of the decade and likely early into the next decade. First leg down should take SPX down to the $2900-$3200 area. Then a rally for 2-3 years to the $3700-$3900 area before the final plunge to SPX $1700-$2200. That is how I am playing this at the current time. Breadth has been deteriorating since the beginning of the year, an early warning sign. SPX made a new high while IWM was in bear market territory, over 20% down from its peak. These are strong bearish divergences. But the resolution to the downside need not take place right away. But they will get resolved to the downside. I'm sure you remember what took place in 1999 into early 2000 before the dot comes crashed. Same will happen to AI stocks. One has to be very mindful and careful. It is important to let things play out and not front run these moves.