Thursday 29 August 2019

S&P500 Index: Fighting hard for support at cloud support zone-2872

S&P500 Index: Fighting hard for support at cloud support zone-2872.

Critical week ahead. SPX need to rebound from this support zone, downside risk is high at this key cloud chart support level. There is the potential for a move up to 2925!

The front end of the cloud is indicating that there is the start of a downtrend on the daily chart. Over the medium term we can see a rally back up to the bottom end of the top end of the cloud if support holds. But after that move, we can still correct and move lower.


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