SPX is in a correction and consolidation move for the time being.
Although it is a smooth correction, bellow 1956, this may be a change of trend. However,on the technical side, the RSI is still on the downside if the shape is being described as a falling wedge and the level is still bellow 50 i.e the index will continue to drop.
On the other hand, i.e macro economic terms, there is still some room for the upside until FED decide to increase its interest rate. The increase will be smooth, step by step.
Although it is a smooth correction, bellow 1956, this may be a change of trend. However,on the technical side, the RSI is still on the downside if the shape is being described as a falling wedge and the level is still bellow 50 i.e the index will continue to drop.
On the other hand, i.e macro economic terms, there is still some room for the upside until FED decide to increase its interest rate. The increase will be smooth, step by step.
