FX.co ★ Technical Analysis of Daily Price Movement of S&P 500 Index, Monday, March 13 2023.

If we look at the movement of #SPX on the daily chart then clearly seen that:

1. Price move below its 10 EMA.

2. The appearance of Bearish 123 pattern follow by Bearish Ross Hook (RH).

3. Still move below down trendline.

Based on the those three facts then on a few days ahead S&P500 index has the potential to test and try to break below the level 3763,04 if turns out this level successfully broken below then it is highly likelythat the #SPX will head to the 3696.49 level as its main target and the 3631.93 level as its second target with a note that during its journey to the targets of these levels there is no upward correction movement that exceeds the 4062.45 level because if this level is successfully broken above then all the decline scenario previously described will become invalid and automatically cancel by itself.

(Disclaimer)