S&P500 Index: The great conspicuous consumption bubble finally deflating as the S&P500 is down more than 14% since the cloud chart sell signal!

S&P500 Index: The great conspicuous consumption bubble finally deflating as the S&P500 is down more than 14% since the cloud chart sell signal! S&P500 index lost support at the front cloud chart support zone of 3985 on the monthly chart, and downside risk long-term to the next key cloud chart support zone of 3506!

Price action is below the weekly cloud and that remains bearish with downside risk to the next key old cloud chart support zone of 3890! Could see a relief rally from this level if support holds!