Adam from MarketClub shares the how much S&P 500 could go down in this short video. He points out how 50, 100, and 200 day moving averages are now all converging near 1110 area and how 50 day has now crossed over 100 day moving average.
Both of these data are negative signal for the market. Yesterday’s low was at 1,010, which you can see that was 38.2% Fibonacci retracement level. If Bulls cannot hold support at 1,010 level, then we will see S&P 500 index to target the next Fibonacci retracement at 946.
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