Technical Analysis – US 500 index turns lower between SMAs
Posted on May 27, 2019 at 1:31 pm GMTThe US 500 stock index has declined considerably from the fresh all-time high of 2960.48, penetrating the Ichimoku cloud in the daily timeframe. The bearish correction picture in the short term is further supported by the MACD, which is falling below its red signal line and the RSI indicator which is turning slightly lower. Should prices move lower, support could come at the 23.6% Fibonacci retracement level of the upleg from 2332 to 2960.48 around 2813 again. Below that, the 2784 is another major support before [..]