Yesterday's close <2,100 is a confirmation of the negative trend which has been forming Most technical indicators have now turned negative for the S&P 500 50MA is getting dangerously close to a negative "death cross" formation with MA100 We are approaching oversold levels but not yet dramatically so Next few weeks provide just enough uncertainty (elections, Fed) to fuel the correction Next level from here = MA200 support = 2,081.18 This is a time to step back or short the SPY or go long gold or volatility
Comment
After 6 straight sessions down, the index yesterday stopped a few points above the MA200, a key support level. I except some shorts to be bought back today ahead of the week-end, and the down-trend to resume some time early next week as we get closer to election outcome.
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