In last week’s review I stated that we were at an interesting level in the SPX (S&P 500 Index) as we were sitting at potential resistance and would have to wait to see whether this resistance held or whether we would see a push through it within the long term (March 2020 – February 2025) […]

It was a relatively positive week in the US Equity markets with the SPX (S&P 500) closing ~4.6% higher than last week’s close:

It was a “relatively” quiet week in the US equity markets ahead of the holiday weekend with the SPX (S&P 500 Index) closing down ~1.5% from last Friday’s close:

After gapping up higher on Monday, it was all downhill for the rest of the week with US Equities closing ~ 4% lower than last week’s close:

This week saw an official “correction” in the trend of US Equities with a 10% pullback from the mid-February highs. This pullback also coincided with a test of resistance at the 61.8% Fibonacci retracement level at 5520: