S&P 500 poised at critical 1823.5 support Whipsaw price action through this week has finally resolved to the downside after a bearish outside pattern
S&P 500 poised at critical 1823.5 support
Whipsaw price action through this week has finally resolved to the downside after a bearish outside pattern Thursday to approach the 1823.5 March low and complete a better topping structure.
We did state in our last report that “given the damage inflicted by the aggressive Friday bearish outside pattern, the break below the neckline from March and probe of the 1834.0 swing low, we do not see a quick resurfacing of bullish pressures”.
Below 1823.5 now aims for 1817/16 and 1810.25 and 1802/01 targets.
WHAT CHANGES THIS?
Above 1847/48 eases bear risks; through 1867.5 signals a neutral tone, only shifting positive above 1892.5.
