Description
⋅ Hi my fellow supporters, the SPX did drop and is now moving below support... What is the chart telling us now?
Prices move strongly below EMA10 and now also below MA200 (black line).
2900/3000 is the current active support range.
SPX Chart Signals
Here we have multiple bearish signals taking place, there are no bullish signals.
1) Strong 'red' volume coming in.
2) RSI now below 50 (losing bullish potential)
3) The MACD is showing a bearish cross.
This move is just started to develop and the ~2950 support level can be strong, but based on today's candle, prices can continue to drop.
What's your take?
Share with us in the comments below.
Previous analysis: Is The S&P 500 Index Peaking? A Retrace Is Possible
Thanks for reading.
Namaste.