Technicals - S&P500 index - next major downward phase underway
Last night's close below the 1867 support level has generated a third technical sell signal on the S&P500 index. Major subsequent support is now located at 1770 - the technical support barrier that has underpinned the index since 2009. As detailed in my recent Wire(VIEW LINK), the 1867 level was flagged as the key level to watch as it was the August 2015 low. The S&P500 index had originally generated a technical sell signal at 2050 on 3/12/15. The index technical outlook turned negative at that point. A secondary technical sell signal was then generated at 1990 on 6/1/16. The third technical sell signal was activated last night.
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.