S&P rally looks to be over for now based on 20 day MA
If you look back over this long correction since the beginning of the year, every time the price closed with a red candle below the lower bound of the 20 day moving average the price continued to move lower. I don't see why this time is any different.
I would expect support at the $380 and maybe down to the $375 level. That would bring the S&P right around the mid line of the channel. After that, don't know.
I would expect support at the $380 and maybe down to the $375 level. That would bring the S&P right around the mid line of the channel. After that, don't know.
Comment:
Price failed to recapture 20 day and is high likely going to continue its downward trend next week.
