S&P 500 May Have More to Give as Prices Eye the 200-Day SMA
The S&P 500 wrapped up September lower, falling the most since March 2020.
Prices took out a bearish Rising Wedge and subsequently confirmed the breakout lower. Now, the index is eyeing the 4224 - 4258 inflection zone.
There could be more room to give with the 200-day Simple Moving Average still below. The line could reinforce the dominant uptrend as key support.
Otherwise, breaking the SMA may open the door to a broader turn lower. Such an outcome could place the focus on the May low at 4029.
Resuming the uptrend entails a push above the August high at 4549.
ES1!
Prices took out a bearish Rising Wedge and subsequently confirmed the breakout lower. Now, the index is eyeing the 4224 - 4258 inflection zone.
There could be more room to give with the 200-day Simple Moving Average still below. The line could reinforce the dominant uptrend as key support.
Otherwise, breaking the SMA may open the door to a broader turn lower. Such an outcome could place the focus on the May low at 4029.
Resuming the uptrend entails a push above the August high at 4549.
ES1!