March 25, 2024 – Day of Decision?

This websites prior blog noted.

“If on 03/22/24 the SPX moves below the 03/21/24 low – it increases the chance that a very important top may have been made at the 03/21/24 high.”

On 03/22/24 the S&P 500 (SPX) did move below its 03/21/24 low.  The 5 – minute SPX courtesy of Trading View shows what happened.

The move down was marginal.  Typically,  a fourth wave retraces about .236 or .382 of a third wave.   On 03/22/24 the SPX stayed within the area of a presumed Minute wave “iv”.   Its rare for fourth waves to retrace .618 of a third waves progress.    An  SPX move  below 5,200 before making a new all-time high could be an important bearish signal.

If on 03/25/24 the SPX moves to a new all-time high it could be a significant top. 

The daily SPX chart courtesy of Bigcharts.com illustrates  a momentum indicator.

Both lines of the Slow Stochastic are intersecting in the overbought zone.   A bearish cross of the lines could indicate the start of a significant SPX move down.

March 25, 2024 could be one of the most important trading days of the year.