S&P500 1-hour futures algorithms continue to develop a descending triangle that was initiated on March 31, 2023 at 10:00 a.m. ET. Timeline calculations indicate the S&P500 is expected to initiate a decline out of this descending triangle by April 12, 2023 and move down to 3808 (+/- 1%) in order to complete a triple top reversal structure. Preliminary calculations indicate this triple top reversal structure will setup a decline to 3364.
Stock chart courtesy of StockCharts.com.
