S&P 5000 (E-mini, Sep future) closes below 50-day MA for first time in 2013
- As expected, a plunge lower to post the first close below the 50-day MA for 2013.
- This has reinforced an intermediate term bearish reversal and favors still further downside pressures into latter June and early July.
- Having also nudged below the recent low on the continuation chart at 1591.75, we see risk next to the 100-day MA, now 1572.75 and the 38.2% retrace of the 2012-13 up leg at 1553.75.
- Bigger picture, threat is to 1530.75/29.5 lows, through which confirm a bigger top.
- The 8-day RSI, short-term momentum is negative, but not OS, leaving scope to go still lower into next week.
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