As I explained last week, there is a high chance for SP500 to drop to important 4250-4275 zone support.
On Friday the index dropped under the short-term trend line and, after consolidation on Monday and Tuesday, yesterday we had a strong drop.
The overall picture is pretty bearish at this point and another 150 points drop becomes very probable.
In conclusion, as long as the index stays under 4500, traders could look to sell rallies in search of a good risk: reward.
On Friday the index dropped under the short-term trend line and, after consolidation on Monday and Tuesday, yesterday we had a strong drop.
The overall picture is pretty bearish at this point and another 150 points drop becomes very probable.
In conclusion, as long as the index stays under 4500, traders could look to sell rallies in search of a good risk: reward.
Note
Target zone hit
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