The SPX closed the week down 7.5% but still above important support at the 200 day moving average.
The market in one week went from being very overbought to severely oversold due to the drastic correction we had last week.
The technicals are completely out of range and it is difficult to trace short term levels of resistance and support, but the 200 day moving average should provide strong support for a short term bounce, and 1150 and 1180 levels of resistance on the way up.
No comments:
Post a Comment