Back in February, I shared a map for the possible development of a consolidation that started at the end of January in the S&P 500 index. The expected drop followed the post although a little bit postponed.
As top metals are literally dead and still between the confirmation levels these days, I would like to update a lively S&P 500 index chart. For the gauge of American stock market, I prepared two separate charts as it has reached the crucial support and we could have two future options here.
Chart 1. S&P 500 Weekly: Make It Or Break It
In the monthly chart from my earlier post I added the orange, medium-term support, which I highlighted in black in the weekly chart above. As we can see, that support already stopped the previous drop in February and did it again at the end of March. If the price would freeze at these levels without breaking below the former trough, then the Triangle pattern (orange) could develop as lower highs and higher lows shape it. Continue reading "The S&P 500 Has Two Options"