Hard to be bullish... SP500 🥶📉

Taking a look at the Daily chart for the SP500.

We can see a near perfect downward channel filled with dumps and scam pumps.

Last week we saw a big rejection off of the 4100 resistance that we pumped up to back in September (yellow line).

Then the subsequent FOMC rate hikes and CPI numbers pushed us lower.

We'd expect to see a bit of a relief rally back up to the top of the channel, but at this point the move down looks basically locked in.

A bottom of around 3200 would put us right in line with the 2020 crash levels.

This remains our "bottom", at least in for now barring any crazy black swan event. Which is quite likely with the current geopolitical climate.

We'll see how the rest of 2022 plays out.

Eyes peeled.

-TucciNomics
Chief Overlord, AlgoBuddy