Weekly TF technicals have shown a breach of short/intermediate term MAs and psychologically important support levels.
Divergence and a crossover on the MACD support the case for more downside.
My immediate thought is where will price find support?
2580 seems like the next significant level as the market retests the lows established earlier this year in anticipation of mid-term elections.
If market breaks those levels, the 200-week MA would be my next area of interest.
Divergence and a crossover on the MACD support the case for more downside.
My immediate thought is where will price find support?
2580 seems like the next significant level as the market retests the lows established earlier this year in anticipation of mid-term elections.
If market breaks those levels, the 200-week MA would be my next area of interest.