S&P 500 Tests Strong Support On High Fear Levels
Chris Kimble | Oct 16, 2018 03:22PM ET
This chart looks at the S&P 500 on a weekly basis over the past couple of years. Since the start of 2016, the S&P has spent a majority of the time inside rising channel (1).
In January, the S&P 500 hit the top of the rising channel and rapid selling followed, taking it down to test rising support in a matter of a couple of weeks.
The recent softness has the S&P facing rising channel support and its 200-day moving average at (2).
The S&P 500’s upward trend remains in play until it breaks below rising channel support and its February lows.
Stay tuned.
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