The S&P 500 as you can see initially tried to rally during the course of the day on Friday, but found the area above to be far too resistive to
The S&P 500 as you can see initially tried to rally during the course of the day on Friday, but found the area above to be far too resistive to continue going higher and as a result we feel that this market will more than likely attempt to break down below the 1900 level. If it does, we think the S&P 500 enters a new downtrend, at least for the interim. Of course, we could see a bit of supportive candle here, and quite frankly we need to see one in order for any hope of the longer-term uptrend to hold.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
