S&P 500 bearish extension bias Despite the Monday rebound through modest trend line/ chart/ retrace resistance, we noted in our last report that
S&P 500 bearish extension bias
Despite the Monday rebound through modest trend line/ chart/ retrace resistance, we noted in our last report that “whilst below 1948/50, we see downside pressures from the break last week below the 1942.5 swing low that completed a notable top/ bearish shift”.
The Tuesday plunge back through a confluence of key chart/ trend line/ retrace supports at 1917.5/16.0/13.25 leaves risk Wednesday to the 100-DMA and psychological support 1905.5/1900.
Critical though will be trend lines from June 2013 and Nov 2012 at 1891/88; below sees a more bearish tone.
WHAT CHANGES THIS?
Above 1937.5 eases bear risks; through 1956.5 signals a neutral tone, only shifting positive above 1979.5.
