Here is whats going on with S&P 500 if you didn't know!!!

SP:SPX   S&P 500 Index
Technical analysis is very important, the drop was expected! The completion of leg #2 marked a turnaround of buying power. Half of smart traders use technical analysis , and when this pattern was seen and recognized it was a chain reaction that left everyone in a daze, except some of us that knew what was going on! Price will continue to fall because it needs to, what goes up must come down! The pattern was completed with leg #2 having gained the exact 7000 points that leg #1 did! So there was no surprises here, everything is going as logic dictates! Leg #1 completed and price started to consolidate, as it should after making the first leg. Price formed an inverted head and shoulders right after consolidation and then broke out to complete leg #2!
Comment: The next important price level is 2466. This is the Fibonacci retracement level which will be a critical resistance area, this 2466 level also coincide with other technical and fundamental levels so lots of traders will have this price level for different types of reasons so watch for that level!
I'm also have 2466 in mind. Some others believe in 200MA.

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