On May 18, 2023, it was noted that a significant decline in the S&P500 is expected over the coming weeks. The following 10-Yr Note Non-Commercial Traders net position chart update illustrates how traders are continuing to move to extremes beyond what was recorded on September 25, 2018. The following S&P500 charts also illustrate a consistent pattern within a Fibonacci range of 300% – 327.20% where a downturn is expected.
Stock chart courtesy of StockCharts.com.
