These are signals that at least a short term correction has begun.
begins at a .236 retrace of the recent SPX daily rally from the bottom made on 10/3/19. The lower end of support is near what had been thought could be
major Fib resistance at 3047. Sometimes if a Fib resistance point is ineffective it can later become support.
With factors the decline could be slow and shallow, if decline accelerates below the it could be a hint of something more developing.
A move below the October 3rd bottom could be a very significant signal.
Time estimate for decline - approximately two weeks.
Very strong support waiting at the fmr resistance at 3030, multiple tags in July/Sep/Oct back there. Ultimate support at 2949; might not get that far this time around.
Thanks for the comment.