S&P 500: Bigger Top, More Bearish Risk
Steve Miley | Oct 13, 2014 02:46AM ET
S&P 500 breaks 200-day MA and August low for further bear pressures
As we had expected and highlighted in our last report “a weekly close below the previously breached trend lines from June 2013 and November 2012 in the 1945/40 area”.
The Friday close below here reinforced the previous push down through 1918.0 to also remove chart support at 1915.5 and break the 1910.75 retrace level.
Already today a gap lower (1892.25-93.25) through the 200-day MA, 1889.0 and key 1882.5 Q3 low.
A day session push through here would indicate a still more notable top and threaten a deeper correction for 1843.75, 1839.25, 1828.75 and 1826.0 (the 61.8% retrace of the rally for 2014).
WHAT CHANGES THIS?
Above 1931.25 eases bear risks; through 1968.5 signals a neutral tone.
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