Michael_Macdonald-XATSUK

US S&P500 SPX coming under further pressure

SP:SPX   S&P 500 Index
Short-term corrective gains from the 2326.50, (23.6%) Fibonacci retracement are underway.
Immediate focus is on the 2390.01 high of 15 March, but difficulty is seen maintaining any tests, as momentum studies and the bearish Tension Indicator (not seen) continue to weaken.

Increased selling pressure is expected to keep prices under pressure, with a later break below the 2319.23 gap low of 10 February looked for. This will then target the 2282.10 break level from January and 2280~, (38.2%) Fibonacci retracement . A further close beneath here would turn currently bullish investors neutral and open up critical support at the 2233~ low of 30 December 2016.

A close above the 2400.98 monthly high of 1 March would delay downside tests, but strong resistance at the 2450/67~ barrier is expected to provide a barrier and promote fresh selling pressure.
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