S&P price moved down quite fast yesterday and we can expect to find a support level between aprox. 2970 - 2920, where there are also important FIB-levels of two projection points. Nevertheless, a much stronger support level will be only around 2770, where a trend line is passing and where a relatively strong RENKO support lies. This is part of a topping process and the trend is not clear yet.
Scenario 1: A rebound 2930 in case of a down move to 2770 to form a H&S with a continuation downwards.
Scenario 2: A rebound from 2770 to the previous high and forming an inverse H&S with a strong continuation higher. Remember, there is still a hell of money sitting at the
roadside to be invested, since many investors did not take part of the rally.
Scenario 1: A rebound 2930 in case of a down move to 2770 to form a H&S with a continuation downwards.
Scenario 2: A rebound from 2770 to the previous high and forming an inverse H&S with a strong continuation higher. Remember, there is still a hell of money sitting at the
roadside to be invested, since many investors did not take part of the rally.