After falling lower since May 2015 the S&P 500 found a little bit of support above 1800 points. For bulls to be able to continue the overall uptrend it soon needs to move beyond and hold the 1968-1970 area to continue the overall uptrend since 2009.
Otherwise the market will crash down very hard to the next support level which is around 1635 points. If it falls even lower the last support is around 1477 points.
Same chart, zoomed-out:
Otherwise the market will crash down very hard to the next support level which is around 1635 points. If it falls even lower the last support is around 1477 points.
Same chart, zoomed-out:
Note
29 days after posting this chart the S&P 500 futures reached a high of 1980 on March 1st. S&P 500 bulls now need to hold the index above the 1968 area to reverse the downtrend into a larger uptrend (instead of creating a dead cat bounce)
Note
This update is exactly 50 days after posting the original chart. Now the S&P 500 achieved the first goal to break above the 1968 resistance with a last high of 2057. To long-term continue the uptrend on the monthly ideally the S&P 500 holds above 1968 the entire March, especially in April-May to form a long-term bottom.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.