Monday, 31 October 2016

S&P 500 Armed & Dangerous

Slipping momentarily below the 2,120 support line on Friday, when news broke out that Hilary Clinton's email probe by the FBI is not yet over.

S&P 500 index is resting on the 2 year-long support/resistance level. Breakout to all time highs in July 2016 was followed by a weak rally in July-August period. Since mid-August the index has been in a sideways consolidation. The pull-back reached the previously broken resistance at 2,120 levels.

Over the past two months the S&P 500 index tested the strong support for 3 times. Breakdown below 2,120 levels will signal further correction for the U.S. Equities in a very VOLATILE manner.