2019-08-23 15:12:51 | On The Fly: Weekly technical notes for S&P 500At time of writing the S&P 500 (SPX) has given up all of its gains for the week and then some, with price last at 2855.18. On a technical basis that puts next support at the 2820-2800 area. A break below 2800 would not see a great deal of support until the 2750 area. On the upside, a move back above 2875 would be needed to keep the index inside the bounds of the consolidation phase which has been in progress since early August. A move to 2900 would then be next major resistance. Concerns on trade are the primary catalyst for this downward move and it is probable only a positive development in that regard will turn the tone more bullish. |
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