Bullish sentiment in the US S&P500 Index is fading. Risk/reward is turning lower, as overbought momentum studies unwind and the Tension Indicator (not shown) continues to weaken.
The break below the 2351.31 gap low of 17 February has been seen, with focus now on the 2326.10, (23.6%) Fibonacci retracement and the 2319.23 gap low of 10 February. Deeper reactions will add weight to investor sentiment, but a further close below the 2282.10 break level from January and 2280.35, (38.2%) Fibonacci retracement is needed to turn currently bullish investors neutral.
Critical support is at the 2233~ low of 30 December 2016.
A close above the 2400.98 high of 1 March would delay downside tests, but strong resistance at 2450/67~ barrier is expected to provide a strong barrier and promote fresh selling pressure.
The break below the 2351.31 gap low of 17 February has been seen, with focus now on the 2326.10, (23.6%) Fibonacci retracement and the 2319.23 gap low of 10 February. Deeper reactions will add weight to investor sentiment, but a further close below the 2282.10 break level from January and 2280.35, (38.2%) Fibonacci retracement is needed to turn currently bullish investors neutral.
Critical support is at the 2233~ low of 30 December 2016.
A close above the 2400.98 high of 1 March would delay downside tests, but strong resistance at 2450/67~ barrier is expected to provide a strong barrier and promote fresh selling pressure.
