S&P 500 heading lower - why this time it could go
What we have here is a failure to make new highs in no overbought conditions, RSI turning early. A break in trend with a gap which now became resistance. A fragile 200 day Moving average. A reversal that could be just gaining momentum. MACD crossover with room to go lower. My thoughts are that the 200 day MA is not gonna hold this time and the lower support levels that I outlined maybe in jeopardy of failing as well. With the VIX rising again and an on going trade war, and today's headline "Economy still strong" tomorrow "Ignore previous headline" it's safe to say uncertainty is still looming. I think a more meaningful correction maybe brewing.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.