Technicals - S&P500 (2169) - potential for a technical sell signal to be generated
The S&P500 index has the potential to generate a technical top formation / technical sell signal, and is located marginally above key technical support. A close below 2168 is required to generate a technical sell signal. (Although the index spiked below this level during intra-session trading on Friday night, it did not close below this key technical level). The minimum downside technical target in that scenario would be located at 2075. It would take a rally back to 2194 to remove the potential for the sell signal / technical top to be generated in the near-term.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.