Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

S&P 500 Outlook: Will Market Continue To Move Down?

Published 10/12/2014, 12:44 AM
Updated 02/01/2024, 03:34 AM

The most negative week for S&P 500 in a long time. The market could not hold on close to its historical highs in the 2,000 price region. From a technical perspective, S&P closed the day exactly at its 200-day MA. This point would generally provide serious price support, but we cannot exclude a continuation of the down move given the long-term overbought nature of this market. Also the August lows rest there, so chart oriented position traders may get interested to get involved in the next few sessions. Even though the daily trend has turned decisively down, I stick with my long-term scenario of fresh all-time highs for the index before year-end.

SP-500 spot Index, daily chart:

SPX Chart

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.