SPX500 Macro Idea

It's been quite a year so far for the US equity markets.

ES NNQ YYM

Since the beginning of 2022, we can see the S&P 500 has been steadily trending lower until mid-June when a near-term low was created.

In approx 45 days from the near-term low, the price was able to return to a key area of the market structure located around 4300, which has been followed by a fairly aggressive move down.

I believe we could see the market return into the green box (at minimum) before beginning to look for evidence of further bearishness.

Relative price points would be 32750-33050 for the Dow Jones, and 12850-13050 for Nasdaq.

In the future I expect the near-term low to be traded through, so it will remain a bearish target once potential opportunities are identified.

DXY will also be a key indicator to analyze as we see further changes in monetary policy.

Stay safe and be diligent during these volatile times.