Technician

SP500: Testing A Key Short-term Support

SP:SPX   The S&P 500 Index
211 5 4
Testing a pivotal short term support,the index was rejected at this support. While stocks above 20-days SMA are near 20 percent, hints we might be short term oversold. A bounce for a retest of the 50-days SMA and 1810-1815 broken-support turned resistance is likely. That is where I look to short for a longer term bearish wave.

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Where did you get the stocks above 20-day SMA index, is there also a 10 or 50? All your chart analyses are great btw, there always clean and concise. What do you think about SPXU or SQQQ when the index hits the 1810-1815 area and would you change your bearish outlook if it ends up closing over 1810-1815?
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Thank u for ur input. I have a fundamental bearish view of markets, which make it hard for me to negate my bearish bias. However, would assess if we get there, i will look for participation of different sectors, also how tapering is affecting sentiment and economic conditions.
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Agree.. Im calling for 1820. But also a word of caution, if the level gives way, we could bid goodbye to the correction and possibly a new high trapping all the bears. I think a safer play (atleast for me) is to look for a reversal pattern near 1820 and short from 1800. Just my two cents.
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Technician TOP justatrader
taking 1820.00 could threaten the chances for a bigger correction, however for now i base my analysis on my overall bearish view for stocks.. Good luck and thanks for your input.
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Agree. Nice idea to consult S5TW for oversold conditions!
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