S&P 500 IndexShort
S&P500 downtrend confirmation
S&P500 index is showing really disturbing signals. The fact that we got fresh new lower highs suggests negative trend formation. Another worrying fact is the divergence between the index and the histogram of the moving average convergence divergence (MACD) indicator. This suggests trend reversal.
Using 2011 bottoms as reference and the parallel channel of the recent highs and liws the support range between 1200 and 1240 is the target area, some 6 to 10% drop. However if there is strong monetary or political sign for support the markets could find ground and rally briefly. For trend reversal we would need more persistent policy signs.
Using 2011 bottoms as reference and the parallel channel of the recent highs and liws the support range between 1200 and 1240 is the target area, some 6 to 10% drop. However if there is strong monetary or political sign for support the markets could find ground and rally briefly. For trend reversal we would need more persistent policy signs.
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.
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.