If we were to turn even more negative and break down below the 3800 level, then we could reach down to the 3700 level, perhaps down to the 3600 level. On the other hand, we turn around and break above the 3900 level, we could get a short-term rally that allows the S&P 500 to go to the 4000 level, which is where the 200-Day EMA sits. Beyond that, there is also a downtrend line that we are going to continue to see a lot of downward pressure at that point.
In the short term, it’s very likely that we see a lot of noisy behavior, so be cautious with your position size, but I do recognize that it’s more likely than not going to find resistance above that we can start to sell off. I believe that the longer-term downtrend is there for a reason, and we are more likely than not going to be an issue where the earnings around the world will continue to drop, and eventually that will weigh upon stock markets, not just this one.Ready to trade our
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