As of June 5th, 2024, I’m providing a short-term bullish update on the SP500 (ticker SPX). My expected rise is to the 5550-5600 range with a potential overshoot to 5400, which should be short-lived, assuming 5192 holds as support. Long-term, I remain bearish on the SP500, believing we are in a grand supercycle fifth of the highest degree.
Key Points:
Short-term bullish target: 5550-5600 Potential overshoot: 5400 (short-lived) Critical support: 5192 Long-term outlook: Bearish due to grand supercycle