SP500: STRONG BEARISH SWING

Rebound in short term?.... In accordance with our daily analysis, also in H4 time frame, we are clearly seen the direction of SPX. If there will be a rebound, we should consider it only a technical swing. The retracement in place should have a target around 2,020 area. Currently, the index is not in oversold (daily / weekly).

DAILY ANALYSIS

WEEKLY ANALYSIS

MONTHLY ANALYSIS

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US data will remain a focus and we see the release of retail sales at 13.30 GMT which is expected to rise for the month of October and then there’s the Michigan Consumer Sentiment at 15.00 GMT. Better data on these releases could put further pressure on commodity prices as it will only add further weight to the possibility of the Fed moving in December and it would also put more pressure on equity markets which have seen a poor start to November, usually a bullish month by historical standards.