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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
