This video highlights some key developments on the longer-term charts of the US stock market along with some key levels to watch for. The video provides analysis of SPY & QQQ as well as the 11 sectors that comprise the S&P 500 with some recent bearish technical developments that I missed that could put continued downward pressure on stock prices.
For those without the time or inclination to watch the video, essentially many of the sectors that make up the broad market are either testing key support or have already broken below key uptrend line support & were rejected off a backtest of those trendlines on Monday, followed by yesterday’s impulsive selling. A failure to hold support or regain those broken support levels (which are now resistance), especially if followed by a break of the two reaction lows so far this year, would likely have longer-term bearish implications for the market.
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