The most negative week for S&P-500 in a long time. The market could not hold on close to its historical highs in the 2,000 price region. From a technical perspective, S&P closed the day exactly at its 200-day MA. This point would generally provide serious price support, but we cannot exclude a continuation of the downmove given the long-term overbought nature of this market. Also the August lows rest there, so chart oriented position traders may get interested to get involved in the next few sessions. Even though the daily trend has turned decisively down, I stick with my long-term scenario of fresh all-time highs for the index before year-end.
SP-500 spot Index, daily chart:
Chart courtesy of StockCharts.com. http://stockcharts.com
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