S&P 500 Index down -1.71%; buyers held on at 2930.00
The Index was holding up well above 2992.00 support level highlighted in my previous update until its last session on Friday, which we saw prices breached 2992.00 support line.
The Index gapped down in Friday's session and fluctuated around 2992.00 and 2930.00 price range before pushing prices towards 2992.00 in the last hour of trades to close at 2972.38.
It was interesting to see buyers made many attempts preventing the Index from falling further around the support line at 2930.56 and succeeded. The current situation could go either way if it continues to hold above 2930.00, then we could see a retest of 2992.00 price level. If it fails at 2930.00, then we could be heading down to 2887.00, 2863.00, and 2824.50
The Index was holding up well above 2992.00 support level highlighted in my previous update until its last session on Friday, which we saw prices breached 2992.00 support line.
The Index gapped down in Friday's session and fluctuated around 2992.00 and 2930.00 price range before pushing prices towards 2992.00 in the last hour of trades to close at 2972.38.
It was interesting to see buyers made many attempts preventing the Index from falling further around the support line at 2930.56 and succeeded. The current situation could go either way if it continues to hold above 2930.00, then we could see a retest of 2992.00 price level. If it fails at 2930.00, then we could be heading down to 2887.00, 2863.00, and 2824.50
