Thanks to the bears during the Friday trading session the index ended below support and broke down out of a bear flag. The same move happened with the NASDAQ.
The first major support area for the S&P500 now lies around 3230 points. In this wave count the index can not break that support or else wave 4 would enter the wave 1 zone. If the wave count is incorrect, the second major support area can be found near 3150 points.
The first major support area for the S&P500 now lies around 3230 points. In this wave count the index can not break that support or else wave 4 would enter the wave 1 zone. If the wave count is incorrect, the second major support area can be found near 3150 points.
Comment:
Nice bounce from the support line but sellers will be looking for rejection around 3310 points. If true, expect lower lows.