While markets had some buyers going in to the weekend, hoping for a bounce, that has been foiled by a surprise announcement in the energy sector, which pretty much caught everyone by surprise. Oil is down 20% overnight and many seem to believe that it will go down even further in the coming weeks.
Looking at the Fibonacci levels, and it's been a while since i've used this in a technical summary (but at this point it's hard to predict what levels may act as support and resistance as markets move in big swings), it appears that the next level of support lies around 2750. I do believe that there may be some support around 2800 as well.
Breaking below 2600 will most definitely put us in a bear market, and will signal a reversal in this long, bullish run we've had for the past decade or so. I would think that a bear bull battle line may be drawn there, but... That's TBD
Looking at the Fibonacci levels, and it's been a while since i've used this in a technical summary (but at this point it's hard to predict what levels may act as support and resistance as markets move in big swings), it appears that the next level of support lies around 2750. I do believe that there may be some support around 2800 as well.
Breaking below 2600 will most definitely put us in a bear market, and will signal a reversal in this long, bullish run we've had for the past decade or so. I would think that a bear bull battle line may be drawn there, but... That's TBD
Comment:
break below 2600 would represent a break in the 11 year bull run trendline.