The S&P 500 initially tried to rally, but found enough resistance at the 2475 level to turn around and form a massive shooting star. The market fell
The S&P 500 initially tried to rally, but found enough resistance at the 2475 level to turn around and form a massive shooting star. The market fell as low as 2420 or so, so it looks very bearish to me. The 2400 level underneath is massive support, so if we were to break down below that level I think things could get rather ugly. Alternately, if we break above the top of the shooting star, then the market will probably make a move towards the 2500 level. Either way, it’s going to be a very choppy week, so keep that in mind. Small positions will probably be the best way to go going forward.
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.
