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10.12.202010:19 Forex Analysis & Reviews: Technical Analysis for S&P 500 for December 10, 2020

Exchange Rates 10.12.2020 analysis

The S&P 500 has run into major resistance near 3,700 and all red lights is flashing for a possible top being in place. The pitchfork resistance line has rejected the advance. The RSI indicator has flashed a negative divergence warning more than a month now also indicating a possible top could be nearby. All that's needed now is a clear break below 3,594 to confirm that a top has been seen and a correction is unfolding.

So, the big question is how low can we go? Important support at 3,385 should be tested and a break below here will call for a much deeper correction towards 2.946 and maybe even closer to 2,100.

Thus, be ready for a possible deep dive and keep you stops tight.

The trend and patience are your friends, but sometimes the trend needs a reaction and that time is likely now.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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