Just noticed how support and resistance levels align perfectly with the fibonacci retracement from the current market top to the great recession market bottom. This coupled with the currently piping hot RSI a pullback is imminent.
Yesterday SQ broke just slightly under the ascending trend line. but if it holds 75 today, the trend is intact - for now.
As the markets have risen relentlessly and without any notable pullback, at least one small correction is expected. Now considering SQs consolidation phase, whilst the market was growing considerably, SQ might have some more downside to it,...
The decline of the SPX to the 2715 area is very probable once it drops below the 200 DMA. Once in the area marked red is reached a first bounce back is expected.
