Dr_Roboto

S&P 500 below major support

OANDA:SPX500USD   S&P 500 Index
Seems that around 3am the S&P broke below its major support levels and is still there as of 8:50am. It is looking very weak this morning. My guess would be we are now clearly in the the 3rd major corrective wave from the recent ATH . I expect a drop today/tomorrow to the next major support line.

Note that we are well into the oversold level on the RSI . That means we should expect some level of bounce at the opening bell. Not sure how high it will retrace (3300) and how long it will hold, but the overall trend is still very much down hill.
Comment: Wow, has not been this oversold in the 2H RSI since June.

Comments

Maybe we will get a bounce like this?
+1 Reply
davidismyname Dr_Roboto
@Dr_Roboto, at end of day, you have nailed it with that image!
Reply
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