marketfellow

Island Reversal Gap-down Breakdown

Short
SP:SPX   S&P 500 Index
S&P (DJIA and Nasdaq) broke down deadly after its two month regression trend lines. Specifically, island reversal is fatal to its bias change from bullish to bearish. Gap-down also made it hard to repair. High volume will mark today as a major distribution day.
20 DMA cannot handle it. So, S&P may keep going lower at least to 50 DMA to find its support.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.