S&P500

For the first time since the COVID sell off the SPX closed the WEEK below the 200 SMA at 3583 points, for the previous three weeks the index was trying to test the support of the 200 SMA but after the heavy selling pressure in the other indexes DJI IXIC and NDX .
SPX has broken the support to the downside and most of the stocks are closing at the lowest prices after breaking most of the medium and long-term supports. on the other hand, the indicators are confirming the same view as the RSI is below its moving average at 36 level, also the stochastic is still giving sell and weakness signals.
A small rebound is expected as a correction in the very short term closing the long positions, and opening short positions are recommended.