Since markets are essentially frozen as we enter the most consequential week of the year, we thought this would be an opportune time to review the big picture.
As always, we began the year [see: A Look Ahead at 2024] with specific targets.
SPX: “The most important chart pattern for SPX is the large Inverted H&S Pattern which completed on Dec 11 [and] points to 5727.” Though we identified a path to completion by June 2024, we noted that “there is definitely a possibility that October works just as well as June.”
SPX came close to our 5727 target in June, but was rebuffed by the Fibonacci 1.618 extension and reached it instead on Sep 24.
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