Earlier charts showwe initiated a short at 2390. Our bearish view holds for these reasons:
1. 13th Feb to 13th Mar S&P500 traded in a short-term trend (blue dotted) that was diverging from its Relative prices (the RSI below).
2. On the 7th Mar it broke this trend, and the same trend turned from support to resistance. This was clearest at 2390 on the 13th.
3. The solid blue trend line is remarkably accurate at anticipating the path of the S&P500. We are touching this support once more and odds increase each time that itll break.
4. Look for support 2350.
1. 13th Feb to 13th Mar S&P500 traded in a short-term trend (blue dotted) that was diverging from its Relative prices (the RSI below).
2. On the 7th Mar it broke this trend, and the same trend turned from support to resistance. This was clearest at 2390 on the 13th.
3. The solid blue trend line is remarkably accurate at anticipating the path of the S&P500. We are touching this support once more and odds increase each time that itll break.
4. Look for support 2350.
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