Monday's sharp decline once again below 2900, although not dramatic, reestablished the weekly parallel resistance line cutting across the S+P 500 chart.
It is an important resistance line so I''ve taken the liberty to draw it here, across the Weekly Chart so you can clearly see what I am referring to.
Once price reenters a price area below the previous bullish breakout box area sellers have succeeded in moving price away further from the apex, in this case, my continual reference to big number 2900.
As long as this weekly pattern breakdown stays below resistance, buyers will soon find in much more difficult, to recapture higher price levels above S+P 2900, in the future, unless this downward price retreat is stopped very soon.
Nice catch. Right now it seems anything's possible.
JakubKonieczny
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@The_Unwind, Yes, totally agree; I was looking at this comp yesterday thinking 'not possible, would require a 50pt jump tomorrow to 2930'. Than I wake up to this... Funny how markets work sometimes.
Hello after a long while...
Curious what your MACD settings are?