Confirmed - S&P loses 20 day and is going to test 200 day SMA
Follow up to my previous post. The big sell today confirms that the 20 day EMA is lost and a test of the 200 day is next. Not sure how low it will go, but the blue trend line, the 200 day, and the previous orange trading channel should provide support. Lose that, then down to the dotted red center line around 3700. If that comes true, then there is ample reason to believe it will go lower. Fingers crossed.
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Not much action today. Price sat on the trend line that defines the recent rally. May see a jump up on Thursday and try to test the 20 day. I think it will be rejected and more downside to come.
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Trend line lost support
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Mid-day reversal back above.
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Friday morning and back below the trend line. Yesterday's reversal was pretty week, and my guess is the big guys are testing investors trying to buy the dip. At this point, a test of the 200 will happen. How much lower is the question.
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And touchdown
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What it looks like on the 3h timeframe
