Mid week USA overview: S&P 500 with space to fall
In my last post about USA markets i was suggesting that if the market went down a bit more it will enter a free fall zone, under 2060-2065 for s&p 500 for example.
Right now the situation is exactly that. The market broke that 2065 level and it’s falling. The next support is at around 2000 points and oscillators like RSI still have lots of space to allow the market to keep falling.
At the 2000 support the picture would be very different. Oscillators could already be very oversold, we will crush against the 200 moving averange and we’ve already seen how the 2000 zone has been a support/resistance zone before.
For this reasons i expect the market to keep falling during the next days, at least another 2% but no more than that.