On April 6, 2023 S&P500 calculations indicated that positioning for very large distributions took place between February 28, 2023 and April 5, 2023. This was similar to what took place between October 20, 2021 and November 19, 2021 and indicated preparations were being made for a significant decline in 2023.
On April 10, 2023 it was observed that the 1-hour futures chart developed a descending triangle. This formation appeared to be similar to what was developed between May 27, 2022 at 8:00 a.m. ET and June 9, 2022 at 2:00 p.m.
On April 11, 2023 S&P500 1-hour futures algorithms continued to develop a descending triangle that was initiated on March 31, 2023 at 10:00 a.m. ET. Timeline calculations indicated the S&P500 was 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.
The April 12, 2023 post referred to the April 6, 2023 post noting that positioning for very large (stock) distributions took place between February 28, 2023 and April 5, 2023. As of April 11, 2023, daily Engrbytrade™ calculations indicated this activity was continuing and preparations were still underway for a significant decline in 2023.
A second April 12, 2023 post referred to the April 10, 2023 post, that noted the 1-hr S&P500 futures chart was developing a descending triangle. Timeline calculations indicated this same S&P500 1-hr futures chart was expected to drop out of its descending triangle after the NYSE close on April 12, 2023 and continue to move lower in overnight trading.
This summary concludes that the S&P500 1-hr futures chart has adapted characteristics similar to the Dow 1-hr futures chart. The S&P500 futures chart structure was initiated on March 13, 2023 at 9:00 a.m. ET. By April 12, 2023 it appeared that this same S&P500 1-hr futures chart was developing a descending triangle. On April 12, 2023 at 8:00 p.m. ET, it changed direction and started tracking upward with the Dow 1-hr futures chart. This change in direction indicates the S&P500 is expected to move up to 4236 (+/- 1%) by April 19, 2023 before moving lower.