Sunday, 13 September 2015

S&P 500 breaks big weekly chart support, trending toward 1700

Weekly chart shows the S&P 500 recently broke multiple trend line supports. The next lower trend line around 1700 should act as a magnet, unless the market manages a rally back above the nearby blue trend line. Charts include all sessions trade.

Daily chart shows a down trend pressured lower by nearby resistance lines.

Hourly chart shows two aggressively bearish Elliott Wave counts. While last week's high holds, there is no reason to consider less bearish alternates.