AlexKuptsikevich
Short

Death cross for S&P500 as very bad sign for Index

SP:SPX   S&P 500 Index
S&P500 yesterday failed to develop its rebound above the previous local highs. The growth of the futures for index above the 2815 level has fast reversed to decline, which could be a harbinger of a new index drawdown to the October-November lows.

The Sell signal, according to the technical analysis , has straightened after "death cross" looms. It is when 50-days MA falling under 200-days MA. Near term targets for sellers could be occur near October and November lows.

Yesterday there were several short-term unfavorable factors, which increased the decline:
• weakening hopes for a breakthrough in trade negotiations with China;
• increased demand for safe-haven assets before the weekend on Wednesday;
• rollback after unsuccessful attempt to overcome the resistance level , which was not given in October and November.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out