Broad Markets - Zooming Out

Looking at the bigger picture

It can be easy to overweight the short-term, and extrapolate into a bigger trend. We know we’re in a seasonally weak time of the calendar year, and this has been playing out. But here are some charts of the bigger picture.

$SPX

The S&P 500 is checking back to a downtrend line from its all-time high. The points of interest on a break and hold below would be at the 3800 and 3700 levels. Even a sideways move from those levels would be constructive. Below that and we’re validating a more protracted downtrend. But we’re not there yet.