S&P500 Short-Term Update |
S&P500: 1174.11
Short-Term Trend: downtrend
Outlook: This market remains quite volatile (VIX has never declined below 30 during the current recovery from the early Aug crash low). Initially S&P500 rallied to 1230 level only to stop out many bears that were hoping the 1210 level would remain intact (I thought the same in my last week's ST update as you recall). The Friday's big decline though erased all gains for the week and set a negative bias for the coming week. Thus, as long as the prices stay below 1210, the daily outlook remains bearish and I continue to expect a move twd the 1060 level.
On the upside, a move abv last week's top may bring some rally twd 1250/60 but I don't see much further upside progress than that at this stage….
About the author: Alexander Nikolov
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