LIVE MARKETS-S&P 500: Time projection has traders on alert
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S&P 500: TIME PROJECTION HAS TRADERS ON ALERT
Traders who utilize time-based methodologies are on alert, given that next week marks a milestone utilizing a projection from the 2022 bear-market low.
Since the market's October 2022 trough, and using trend-based Fib time projections, the S&P 500 index .SPX has seen some spooky turns around the weeks that suggested the potential for a reversal of its most recent trend:
The 2022 bear market occurred over a 40 weekly-bar decline. Next week marks the 3.0x time projection, or 120 weeks forward from the week of the market's bottom in October 2022.
Additionally, the SPX is meeting this time projection just as it's making record highs and is challenging a long-term resistance line.
That said, the decline that developed from the 2.618 Fib-time projection in mid-October from a then record high proved shallow, so there is potential that the influence of the echo from the end of the last bear market might be starting to fade.
It's also possible that low just seen in mid-January fell within the orb of next week's projection. Of note, the four significant lows around the projections, occurred either one week prior to, or the week of, the potential turn week.
Three significant highs occurred either one week after, or the week of, the potential turn week.
(Terence Gabriel)
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