S&P 500 Recovery: First Price Target Reached

What’s Next?

S&P 500 Update – Downside Target Hit

The first P&F count has been reached, raising the question of whether this is a true reversal. Market patterns often show a low forming at quarter-end followed by a retest in the new quarter.

Currently, the market is in recovery mode off the bottom. The key questions remain: Is this recovery sustainable, and where might it lead? Is this truly a reversal?

Having achieved the downside objectives, the market is now starting to build cause. The initial lift off the low is notable, but its timing at the end of the first quarter requires caution. There could still be a need for additional testing.

A common pattern in markets is the formation of two lows – one at the end of the old quarter and another in the new quarter – creating what appears as a low and a test.

If a significant market turn is developing with a potential uptrend in the second and third quarters, there will be ample time to position accordingly. The prudent approach now is to create a shopping list of potential investments and look for good ideas and market leadership.

This analysis was taken from a recent session of the Wyckoff Market Discussion. This analysis is for educational purposes only and should not be considered investment advice.

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