S&P 500 dropped more than 5% recently, How long it may last?
Last Friday, the U.S. July non-farm payroll report came in weak, raising the risk of a hard landing for the U.S. economy and triggering a massive wave of risk aversion.
U.S. stocks tumbled, with the S&P 500 down 1.84%, losing 2.06% for the week.
Technically, last week, we predicted that the S&P 500's downward trend wasn't finished, and so far, it's on track.
The next support level to watch is the previous high, which is around $5263.
In past pullbacks, we've seen three to four bearish candles before rend reversal.
So, this week, keep an eye on whether it can formed a bottom pattern on daily chart, or the downtrend momentum could become weaker.
Make sure to hit that follow and boost button so you won't miss any updates.
U.S. stocks tumbled, with the S&P 500 down 1.84%, losing 2.06% for the week.
Technically, last week, we predicted that the S&P 500's downward trend wasn't finished, and so far, it's on track.
The next support level to watch is the previous high, which is around $5263.
In past pullbacks, we've seen three to four bearish candles before rend reversal.
So, this week, keep an eye on whether it can formed a bottom pattern on daily chart, or the downtrend momentum could become weaker.
Make sure to hit that follow and boost button so you won't miss any updates.
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