The neggie d spank down occurs; it took a couple extra weeks to roll over. Price fell out of the red rising wedge but remains at the bottom rail of the maroon wedge. The 20-week MA is 1773.57 and price is very close, so out of respect price should at least touch. The last time the 20-week was tapped was in September, 4 months ago. The 1773-1775 support area is very important since the SPX would move far lower if this important level failed.
The red lines show the negative divergence that created the smack down and note that the RSI, MACD line and stochastics are printing lower lows, weak and bleak, wanting to see lower lows in price even after any bounce would occur. The collapse from the red rising wedge was dramatic, as is typically expected. Just think how dramatic the drop from the maroon rising wedge would be. Projection is for sideways to sideways lower for the weeks ahead. Since the 20-week MA has held since late 2012, over one year ago, a failure of the 20-week now will likely send price to 1700-ish. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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