The 03/05/22 blog “ Examination of US and German Stock Markets” illustrated support levels for both the S&P 500 (SPX) and the German Stock Index (DEU40). Today 03/07/22 the support levels for both indices were broken, opening the door for further downside action.
The daily SPX chart courtesy of Trading View illustrates its next potential support zone.
The SPX could be headed towards the correction bottom at 4056.888 made on 05/12/21. The broader support zone is 4080 to 4040 and could be reached in a few days. The bullseye bottom date is 03/10/22.
If the SPX can reach the price/time target it could be the completion of a fascinating Elliott wave pattern. Depending on market conditions there will be a blog explaining this Elliott wave pattern.