Will this finally fall already!
Looking at the monthly all sessions S&P500 cfd, it can be seen that price broke above DT resistance over the past week before being rejected from horizontal resistance area of 2110 - 2120. This area has provided strong resistance on both sides of the ATH.
MACD remains bearish since the DC during 4Q15 with an expanding -ve histogram, although April's bearish momentum has reduced modestly on the histogram moving from -14.3 to -13.5 currently. Base is at its lowest position (167.95) this side of the ATH. The overall signal is bearish.
Stochastics remains bearish since lower highs were formed during late-2015 moving from the overbought to the neutral region <80. %K is at its lowest position (77.06) with bearish direction since both the late-2000 and early-2008 periods. This signal too is bearish. However, both these signals combined is very bearish.
LT chart momentum remains bearish similar to the late-2000 and early-2008 periods.
1H16 / Mid-year target low is 1790's - a fall of 15% from currently
2H16 / End-of-year target low is 1570's - a fall of 25% from currently
Final cycle target low could be 500 during 2018.
For an earlier chart see here.
DYOR and STFR..
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