HomeForex MarketEquities Watchlist: One other Leg Decrease for the S&P 500 Index

Equities Watchlist: One other Leg Decrease for the S&P 500 Index

Fed head Powell simply admitted {that a} recession is a risk!

This implies I gotta hold a watch out for this brief alternative on the S&P 500 index.

Listed below are the pullback ranges on my radar:

S&P 500 Index 4-hour Chart

Selecting up on the bear market vibes recently?

This fairness index has been forming decrease highs to this point this yr, and it seems like one other take a look at of the descending pattern line is due.

The handy-dandy Fibonacci retracement device exhibits that this falling resistance zone is true across the 61.8% degree and the important thing 4,000 mark.

To high it off, the world of curiosity is true smack in step with the dynamic resistance on the transferring averages!

The 100 SMA has managed to remain beneath the 200 SMA after a failed try at a bullish crossover. Which means sellers nonetheless have the higher hand and will hold the downtrend going.

Bears may even be excited to leap again in since Stochastic is already on its manner down from the overbought area. This might imply {that a} shallow pullback is within the playing cards, main the index to seek out sellers on the 50% Fib that’s nearer to a former help degree.

In any case, be sure you hold your eyes and ears peeled for any headlines that impression danger sentiment!

This content material is strictly for informational functions solely and doesn’t represent as funding recommendation. Buying and selling any monetary market entails danger. Please learn our Danger Disclosure to be sure you perceive the dangers concerned.



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