Last year the index fell 0.5% however on the first week of the year it fell more than 6.0%.
Last week the index plunged with the wide range and closed near the low of the week in addition managed to close within the previous week range, suggesting a week strong bearish momentum.
The Stochastic is showing a strong bearish momentum although is still above the 50 mid line.
The S&P500 is in a well-established bearish phase since the end of December and continues to close below the 10 and 50 week moving averages.
Expecting an upward move to a weekly resistance at 1,973 on a bounce from a weekly support at 1,891.5 (scenario 1) or a break below the weekly support at 1,891.5 could push the index down to 2015 low at 1,830.20 (scenario 2).
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I really like the depth of the understanding of your analysis.
I think it may have found some support at 1,900.
Great daily note as always, thank you!
That was so useful analysis, thank you.
Excellent analysis as usual! Thank you!
A good post with good insights into the situation.
Great analysis!
Very useful, Thank you for sharing.