A down swing correcting the upswing since March is likely in progress.
SPX made a lower low on the daily chart and the weekly chart. At the low on Friday, SPX was within 10 index points of breaching the August low.
The 200-day SMA at 3100 is a convenient retest point and there is an unfilled gap on the daily chart just under 2900.
Ray Dalio's appraisal of the current situation
ReplyDeletehttps://www.marketwatch.com/story/billionaire-investor-ray-dalio-on-capitalisms-crisis-the-world-is-going-to-change-in-shocking-ways-in-the-next-five-years-2020-09-17?mod=mw_more_headlines