S&P 500 Short-term Technical Outlook Quickly Deteriorates
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
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---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.