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Chart of the Week – Price & Trend: S&P 500 (SPX)

Asbury Research

Asbury Research
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CMT Chief Market Strategist

Price & Trend: S&P 500 (SPX)


The chart below shows that SPX broke down last week below its December 2018 uptrend line at 3131 and its 200-day moving average (major support) at 3047 to confirm a major bearish trend change, but stopped and reversed higher on Friday from additional support at 2856 to 2822. 

However, any rebound from this support area will be considered a corrective rally within an emerging major downtrend as long as the 3047 area, which now becomes major overhead resistance, is not significantly broken to the upside.

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