Daily SPX has bearish crossovers on Stochastic and MACD, RSI has a bearish divergence vs. its position made on 11/21/19.
These are signals that at least a short term correction has begun.
Support zone begins at a .236 retrace of the recent SPX daily rally from the bottom made on 10/3/19. The lower end of support is near what had been thought could be
major Fib resistance at 3047. Sometimes if a Fib resistance point is ineffective it can later become support.
With seasonal bullish factors the decline could be slow and shallow, if decline accelerates below the support zone it could be a hint of something more bearish developing.
A move below the October 3rd bottom could be a very significant bearish signal.
Time estimate for decline - approximately two weeks.
Mark
These are signals that at least a short term correction has begun.
Support zone begins at a .236 retrace of the recent SPX daily rally from the bottom made on 10/3/19. The lower end of support is near what had been thought could be
major Fib resistance at 3047. Sometimes if a Fib resistance point is ineffective it can later become support.
With seasonal bullish factors the decline could be slow and shallow, if decline accelerates below the support zone it could be a hint of something more bearish developing.
A move below the October 3rd bottom could be a very significant bearish signal.
Time estimate for decline - approximately two weeks.
Mark