S&P 500  Decline is Losing Momentum

The 30-minute S&P 500 (SPX) chart courtesy of Trading View illustrates the recent action.

At the 04/12/22 low there were double bullish divergences on the 30- minute MACD and RSI.  The overall drop since the 03/29/22 high is choppy and characteristic of Elliott wave – Double Zigzag corrective patterns.

The SPX Bullish Percent Index broke its bullish divergence –  noted in the 04/11/22 blog and made a marginal new low. Its possible the SPX completed the Double Zigzag at the 04/12/22 low.  If not,  the SPX could reach  the .618 retracement  of 03/14/22 to 03/29/22 rally.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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