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S&P 500 Short-term Technical Outlook Quickly Deteriorates

S&P 500 Short-term Technical Outlook Quickly Deteriorates

Paul Robinson, Strategist

The S&P 500 is on the verge of confirming a breakdown from a multi-month channel. It could lead to the first lower-low in the uptrend in quite some time. If we see this develop, then the outlook could become favorable for would-be shorts. If we see a gap-down and fully recovery today, that would be construed as a short-term positive. Today may have a lot of meaning for the rest of the week and beyond.

For the full details, please check out the video above…

S&P 500 Daily Chart

S&P 500 daily chart

S&P 500 Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.