S&P trend is still down
Updated
Crazy two weeks with some massive price swings. However, all said and done the down trend that started in January is still intact. Big test yesterday of resistance but ultimately failed with the gap up closed and no follow through after Fed rate hike. Looks like a good old pump and dump. The gray region (connects to gap up in 4/21) that I drew seems to be a very strong support and resistance zone, but again it could not hold it. Also failed to stay above the 200-day sma. Price looks to be making a double top with a slightly lower second top. If price closes below 20-day moving average band, then corrective wave is all but confirmed. Next question is, how low will it go.
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Morning open down 1.5% and is clearly below 20 day moving average. Looks pretty clear that we are head lower.Note
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