S&P 500 Index Trading Update: Time/Price Points To Bottom Early This Week

Mark Newton
s&p 500 index daily market correction chart analysis bottom march

S&P 500 Index “Daily” Chart

The S&P 500 is trading off its intra-day lows, but should move lower to test the lows into Monday and put in a bottom early next week. 

That said, the October lows are important as is the price area from August to September.

Let’s turn to the “hourly” chart of the S&P 500 Index.

Here we can glean some shorter-term insights (see below).

The “hourly’ chart shows an expanding Diagonal which could lead to a brief move to new lows Monday/Tuesday. But I believe that move lower would be buyable.

Meanwhile, any move back OVER 2959 means this wave lower has already completed and its right to be long.

s&p 500 index hourly stock market correction chart trading decline bottom target month march

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Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.