S&P 500 Breaks Uptrend - Next Area of Support at 815

While the market had a minor bounce off of its uptrend yesterday, this morning it fell right through that support level, and the S&P 500 is on pace for its largest one-day decline since December 1st. Coincidentally, the next area of support for the S&P 500 (815) is right around where the index closed on December 1st. At the rate today is going, we could be there by this afternoon.

click to enlarge

Comments

[herbert hoover:]

Sadly, I reluctantly agree.

Jan 14 03:00 PM

[BrucePile:]

The 850 level of the S&P 500 has been support since October 10 that was only punctured for 3 sessions at the November 20 move. We are right at 850 today, so we're at a fork in the road.

Jan 14 04:57 PM

[investor88:]

The fork in the road indeed. Indications are the fork leads down. Some chartist said sp500 at 854 is critical level, we close at 849 breaking support.

Both technically and fundamentally the indications point down despite many prominent long time bears turned bull calling for sp500 target of 1200! and on to better times!

Jan 14 06:26 PM