S&P 500 – Potential Intermediate Term Support Level

By | January 7, 2016

The S&P 500 index is on track to open below the support line of the declining channel it has been trading in since the beginning of November. The pattern projects a target price down to the August and September lows in the 1980 area. The stochastic oscillator has reentered an oversold condition, but it needs some stability in the index to make a positive crossover and exit the zone. This would be another bullish signal in a series of reliable trading signals from the oscillator.

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