Short

S&P 500 has more room to go down | Week #38

Currently S&P 500 has closed just above week #8 (02/21/2020) low. RSI is at 63.71 which is quite elevated even if its not in overbought territory. There are 3 market events next week. Core Retail Sales, Retail Sales (09/16/20) & PMI (09/17/20). Additional $600 unemployment benefits have stopped from 08/01/20 so If either of those number come weaker than expected S&P 500 might break below Feb 21st low to 3270. This was the point from where market gaped up during week beginning 08/03/20 which might act as support. If RSI reaches close to 50 by that time then market has potential to gather momentum to reach 3400
(This analysis is just my point of view. Trading involves risk. Do your own research before trading)

shahpriyank89

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