S&P500 Tests 50-Day SMA for First Time Since March
The S&P500 index trades below the 50-Day SMA (4455) for the first time since March as it extends the decline from the start of the month.
S&P500 Index Outlook
A near-term correction appears to be unfolding in the S&P500 after it failed to test the yearly high (4607) earlier this month, and the index may fall towards the July low (4376) if it no longer responds to the positive slope in the moving average.
At the same time, the Relative Strength Index (RSI) has slipped to its lowest level since March, with a move below the 4310 (61.8% Fibonacci retracement) to 4360 (78.6% Fibonacci extension) area opening up 4240 (61.8% Fibonacci extension).
Next area of interest comes in around the June low (4171), but the S&P500 may face range bound conditions should it hold above the July low (4376), with a break/close above the 4510 (100% Fibonacci extension) to 4530 (78.6% Fibonacci retracement) area raising the scope for a test of the monthly high (4596).
S&P500 Index Outlook
A near-term correction appears to be unfolding in the S&P500 after it failed to test the yearly high (4607) earlier this month, and the index may fall towards the July low (4376) if it no longer responds to the positive slope in the moving average.
At the same time, the Relative Strength Index (RSI) has slipped to its lowest level since March, with a move below the 4310 (61.8% Fibonacci retracement) to 4360 (78.6% Fibonacci extension) area opening up 4240 (61.8% Fibonacci extension).
Next area of interest comes in around the June low (4171), but the S&P500 may face range bound conditions should it hold above the July low (4376), with a break/close above the 4510 (100% Fibonacci extension) to 4530 (78.6% Fibonacci retracement) area raising the scope for a test of the monthly high (4596).
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