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
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1:20 Cathie Wood interview with Bloomberg.
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2:21 Price action analysis on S&P 500.
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5:40 Overbought from the up channel.
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7:30 Acceleration climatic up move.
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8:10 Two types of market correction.
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10:20 Market correction percentage.
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11:35 Target for potential market correction.
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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.
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