On September 26, 2023 it was noted that the S&P500 was expected to move down to the lower trend line of its accumulation channel shown below. Between September 21 and September 29, 2023 extremely large block trades were observed crossing the tape. Today the S&P500 pierced its lower trend line while the Fear & Greed Index dropped below 20 during the first half of the trading day. Market Makers should continue accumulating additional inventory as markets readjust for another move upward.
Stock chart courtesy of StockCharts.com.
