The SPX is under big pressure today receiving a merciless beating down 125 points, -2.4%, to 5158. That is a smackdown. It leaves a mark. Price comes down for a critical test at 5126.
SPX 5126 is the 38% Fibonacci retracement of the big rally from October 2022 to the 2/19/25 top.
If price remains above 5126, a relief rally will develop and stocks will recover from the 2 months of selling pressure. If SPX fails at 5126, there is Hell to pay with price then seeking the 4500-4800 landing zone. It would be a Pressure Drop as Toots and the Maytals sing. I say a pressure drop, oh pressure drop, oh pressure gonna drop on you. There was only one Toots now in Reggae Heaven.
Choose your poison. Everybody has a Poison Heart. Making friends, with a homeless, torn-up man. If long the US stock market, do you feel lucky that SPX 5126 will hold? Well, do you punk? Do you, punk? This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added Tuesday Evening, 4/22/25, at 8:42 PM EST: King Donnie backpedals on the besmirchment of Fed Chairman Powell and says he will not fire him. The orange-headed idiot realized he was making a fool of himself, negotiating with himself, while sending the stock market to Hell. The SPX bounces off the 38% Fib and begins a relief rally with S&P futures up +80 points continuing the party.
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