{"id":7625,"date":"2025-01-09T11:07:47","date_gmt":"2025-01-09T11:07:47","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=7625"},"modified":"2025-05-12T12:33:33","modified_gmt":"2025-05-12T12:33:33","slug":"sp500-jan-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/sp500-jan-2024\/","title":{"rendered":"S&P 500 Not Looking Good: Rising Wedge with More RSI Downside"},"content":{"rendered":"\n

The S&P 500 has seen a break of a Rising Wedge<\/a> pattern on the daily timeframe, which spells disaster for investors on the asset as the target of the falling wedge goes all the way down to $5,090.<\/p>\n\n\n\n

Paired with hawkish expectations from the Fed, the asset is currently trailing below the lower trendline of the rising wedge, and forming a Symmetrical Triangle<\/a> pattern which has a slight bias to the downside (in this context).<\/p>\n\n\n\n

There are several confluences that line the S&P 500\u2019s next major move to be towards the $5,648.4 price zone \u2013 so let\u2019s get into it.<\/p>\n\n\n\n

Daily Timeframe Analysis of the S&P 500<\/h2>\n\n\n\n

The S&P 500, or US500 index, saw a break of its rising wedge pattern in December last year. Though the breakdown candle was quickly filled, the asset was simply performing a retest of the rising wedge pattern, successfully confirming the pattern.<\/p>\n\n\n\n

Currently, however, a new Symmetrical Triangle has emerged with upside targets to $6,281.2 <\/strong>and downside targets to $5,592.2<\/strong> \u2013 approximately. Keep in mind these measured move targets will change depending on when the price breaks the pattern.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

As of now, the sentiment is bearish due to a combination of factors:<\/strong><\/p>\n\n\n\n