The S&P 500 has now suffered a break below the key support at 3,940/3,927 to warn of a larger turn down.
Weekly close below 3,730 will expose the 3,505/3,492 area
“The S&P 500 has broken the key support at 3,940/3,927 on higher volume, which signals a major break down in our view.. We expect this to clear the way for the next support at the 61.8% retracement in 3,764/3,760 and then we think the 200-week mean is 3,730. Our tendency would be for the market to stabilize around 3,730“.
“A weekly close below 3,730 will expose the 2022 low and the 50% retracement of the 2020/2022 uptrend in 3,505/3,492.”
“Breaking above 4,018 is needed to suggest we may have seen a ‘fake’ break to the downsidebut a break above is needed 4,078 to reaffirm a bullish bias to target back to 4,195.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
