S&P 500 price (SPI:SP500) has already given a bearish signal, as a result of the formation in the chart. The bearishness in this month of January is considerable enough and it may end the bullishness that was experienced most of last year.
Price is currently below the lower Trendline
and it has closed below it. The RSI period 14 has also slipped below the level
40, intending to go further lower.
The only scenario that would render this
bearish outlook invalid is a situation in which price closes above the lower
Trendline, and that is not going to happen anytime soon. It is even expected
that the RSI period 14 would go into the oversold territory.
The outlook on S&P 500 is thus bearish
for this year and the support levels at 4500.00, 4400.00 and 4300.00. will be
breached before the end of this year.
Market Analyst, Trading Signals Provider and
Coach
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