Equities Watchlist: One other Leg Decrease for the S&P 500 Index

Fed head Powell simply admitted {that a} recession is a risk!

This implies I gotta hold an eye fixed out for this brief alternative on the S&P 500 index.

Listed below are the pullback ranges on my radar:

S&P 500 Index 4-hour Chart

S&P 500 Index 4-hour Chart

Choosing up on the bear market vibes currently?

This fairness index has been forming decrease highs thus far this 12 months, and it seems like one other check of the descending trend line is due.

The handy-dandy Fibonacci retracement tool reveals that this falling resistance zone is correct across the 61.8% stage and the important thing 4,000 mark.

To high it off, the realm of curiosity is correct smack according to the dynamic resistance on the shifting averages!

The 100 SMA has managed to remain under the 200 SMA after a failed try at a bullish crossover. Because of this sellers nonetheless have the higher hand and will hold the downtrend going.

Bears may even be excited to leap again in since Stochastic is already on its means down from the overbought area. This might imply {that a} shallow pullback is within the playing cards, main the index to search out sellers on the 50% Fib that’s nearer to a former assist stage.

In any case, ensure you hold your eyes and ears peeled for any headlines that influence danger sentiment!

This content material is strictly for informational functions solely and doesn’t represent as funding recommendation. Buying and selling any monetary market entails danger. Please learn our Risk Disclosure to ensure you perceive the dangers concerned.

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