The S&P 500 Index Can Go Lower & Lower (All Bearish Signals)

3 июн. 2019 г.

We are writing a quick update on the S&P 500 Index (SPX) by popular request...

The signals coming from this chart are all bearish, there isn't one single bullish signal, so the SPX can fall more and more and even temporary bounces are looking scarce.

There should be some support around the 2700 - 2740 range, but if this level breaks you can expect to move straight down to 2580 (0.5 Fib. retracement for the last bullish wave) for a bounce... For the action that follows we would have to wait and see how it will all play out.

This is the daily time frame.

The weekly time frame chart is extremely bearish as well, you can see it here:

Last week the SPX broke below EMA50 in one single candle, full red, and this week looks even worse. Now we wait and see if the 2700-2740 range will hold, if it doesn't, low we go, as we predict will happen in the weeks to come.

On the monthly time frame, the SPX is already trading below EMA10. So just like we said, bearish all the way.

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Namaste.

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