With today's closing of the SPX below the 1040 level of support, we officially can say that we are in a bear market.
Also today was the last day of the 2nd quarter, and the majority of the institutional investors during their "window dressing" they sold their holdings, which helped to the downturn and corroborated that they weren't interested in holding positions in this type of market.
As I mentioned yesterday, also notice that the 50 day moving average is closer and almost ready to cross the 200 day moving average, which is major sign for technical analysis.
The next level of short term support is 1010 and resistance now is 1040
Looking at the bigger picture, there is nothing to really hold this market until around 875 - 900
No comments:
Post a Comment