The US index has been declining for three weeks. What's ahead?S&P 500
After the Cup & Handle pattern breakout, the market surged to nearly 5,670, setting a new record high.
Since then, the index has been on a downward trend for the last three weeks, forming the Three Black Crows chart pattern, signaling a bearish outlook.
With the current market conditions, it is expected that potential support will be around the 4,400-4,500 level.
Nasdaq 100
The US tech index has experienced a significant increase in momentum and achieved a respectable gain over the last 8-9 months.
However, the index encountered a strong resistance near the 20,700 level, which is its all-time high.
With three consecutive weeks of decline, the index appears to be in a weakened state and may revisit the 15,500-15,600 level for support before rebounding.