Ming Jong Tey
Independent Analyst
During the interview with Bloomberg on 18 Dec 2020, Cathie Wood, the CEO and CIO of the ARK Invest, warns about the market correction. Let’s analyze S&P 500 with volume spread analysis and Wyckoff method.
Let’s tackle from the price action analysis for S&P 500 to see if we can spot any tell-tale signs about the market correction. If indeed the correction comes, what sort of percentage and the possible target price can we expect for S&P 500? Watch the video below:
Timestamps
-
1:20 Cathie Wood interview with Bloomberg.
-
2:21 Price action analysis on S&P 500.
-
5:40 Overbought from the up channel.
-
7:30 Acceleration climatic up move.
-
8:10 Two types of market correction.
-
10:20 Market correction percentage.
-
11:35 Target for potential market correction.
-
12:30 Overbought line.
Watch my market analysis video in the last session if you haven’t in order to better relate to the market recap and the trade review.
Bias — neutral (Day trading); bullish (long term).
Key levels — Resistance: 3800; Support: 3720, 3670–3680.
Potential setup — Look for potential reversal at the key levels.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
USD/JPY keeps range near 149.50 after BoJ's status quo
USD/JPY keeps its range near 149.50 in the Asian session on Wednesday. The Bank of Japan left the policy rate unchanged at 0.50% at its March meeting, offering little impetus to the Japanese Yen (JPY). The focus shifts to Governor Ueda's press conference for fresh cues on future rate hikes.
AUD/USD remains stuck in a range near 0.6350 as Fed decision looms
AUD/USD consolidates in a tight band near 0.6350 early Wednesday as traders turn to the sidelines ahead of the Fed policy decision. The US Dollar languishes near a five-month low amid dovish Fed bets, cushioning the Aussie's downside Meanwhile, geopolitical tensions remain a drag on the pair.
Gold buyers take a breather ahead of the Fed verdict
Gold price is consolidating the recent upsurge to a record high of $3,038 in Wednesday’s Asian trading hours. Gold buyers take a breather as a sense of caution prevails, heading toward the all-important US Federal Reserve monetary policy announcements due later in the day.
Bitcoin DeFi Ecosystem targets $10B valuation if Ethereum’s Hoodi update flops, says BitcoinOS CEO
Bitcoin price remained pinned below $85,000 on Monday, with Gold’s rally to record highs, and Ethereum’s Hoodi dominating media discourse.
Tariff wars are stories that usually end badly
In a 1933 article on national self-sufficiency1, British economist John Maynard Keynes advised “those who seek to disembarrass a country from its entanglements” to be “very slow and wary” and illustrated his point with the following image: “It should not be a matter of tearing up roots but of slowly training a plant to grow in a different direction”.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.