SPY – Weekly forecast 4-8-24

Monthly – the S&P 500 is similar to how we’ve shown before with our Trend models.

We see that April is still our Target for a Downside Month and showing signs of higher volatility than March by far.

Thereafter we see a Trend developing from May into June where May at this time is our Strongest Target to form a bottom in this downside event with a Rally thereafter into June.

Weekly – We see that our models are still showing a downturn into the week of April 15th where we can then see a quick bounce into the week of April 22nd. Thereafter it seems very likely that a Low could form into the week of May 6th which is our Strongest Target for a new trend to develop thereafter.

Daily – From the Friday Upside closing we now see a new Trend developing from the 8th into the 9th. Should the 8th be a downside day then expect a continued Low to form on the 9th. Should we see an Upside Day for the 8th then eexpect a continued High to form on the 9th.

Following the Target of the 9th we see it can get a little choppy with the trend and showing volatility. Caution Advised on the Daily Level yet expect the week to remain a strong downside Target as we move into the week of the 15th.

Price Targets – Support at the 520 level was broken last week which leaves us with our next support level at 408. Should that be broken expect 505 to be the next Target to be tested.


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