S&P 500 forecast February 24, 2024

👉 Strong astrological formations will emerge in the coming weeks, which could lead to a sharp market pullback.

👉 Moreover, next week is week 18 of the current S&P 500 base cycle, which usually averages 20 weeks and now appears to be fairly exhausted. New highs this late in the cycle usually lead to sharp declines.

👉 Technically, the market also looks quite overbought.

☝️ The current base cycle looks bullish and is likely the first base cycle in the medium-term 50-week cycle that began in late October 2023 (see chart). Therefore, I expect a period of reversal this week or next to the previous base cycle high from late July 2023. If this correction occurs, it is expected to end around mid-to-late March 2024.

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