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S&P 500 forms reversal pattern with risks of sharp drop, Fefe Demeny warns
The S&P 500 has registered a weekly market structure shift, which Fefe Demeny describes as a textbook reversal pattern.
According to Demeny, the last four occurrences of this pattern resulted in the index dropping between 30 and 50 percent. He further predicts that the S&P 500 could decline below $6,000, and potentially even below $5,000.
Demeny has commented on other major supply disruptions in recent months. In April, he noted that the closure of the Strait of Hormuz removed 20 million barrels of oil per day, tightening global supply. His observations have focused on pivotal shifts affecting key markets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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