The S+P 500 dropped sharply last week to 2441, and is now testing major support area
Friday 8/11 trading was confined to a snap back rally/retest BELOW the 50 day moving average at 2448.
Major 4 hour Support this week is at 2430, 2380, and the 200 Day Moving Average at 2339
Resistance above is at 2454, 2459, and 2470 currently.
The Bullish Percentage ( $BPSPX ) closed the week at 66 on 8/11 slightly below major support at 67,
breaking a 2 year uptrend line from Feb.2016 confirming the breakdown in price
showing the weakness of the underpinnings of the market has deteriorated along with price. A VERY BEARISH COMBINATION.
World event risk is HIGH with the US/Korea nuclear tensions, so RISK is ON ,and the market COULD SOON BE ON THE BRINK.
THE_UNWIND
Friday 8/11 trading was confined to a snap back rally/retest BELOW the 50 day moving average at 2448.
Major 4 hour Support this week is at 2430, 2380, and the 200 Day Moving Average at 2339
Resistance above is at 2454, 2459, and 2470 currently.
The Bullish Percentage ( $BPSPX ) closed the week at 66 on 8/11 slightly below major support at 67,
breaking a 2 year uptrend line from Feb.2016 confirming the breakdown in price
showing the weakness of the underpinnings of the market has deteriorated along with price. A VERY BEARISH COMBINATION.
World event risk is HIGH with the US/Korea nuclear tensions, so RISK is ON ,and the market COULD SOON BE ON THE BRINK.
THE_UNWIND